U.S. shale Oil production is quite a miracle, having more than doubled in size over the past 10 years. The U.S. has now even become a net exporter of fuel products! This has huge implications for its economy, its currency, and the economies of OPEC members (mainly the middle eastern countries).
The U.S. can now rely less on unstable economic powers, which in turn results in a more stable price of oil. However, it also results in less turnover of the U.S. Dollar, which might result in the U.S. losing its reputation as the holder of the world`s currency reserve.
With Trump at the helm, promising to not meddle in other countries` wars, and the decreased reliance on foreign oil, will the U.S. stop being the world`s police? What will happen with Venezuela`s power struggle? Will the U.S. physically support Guaido over Maduro? Or will they only give financial and moral support? Will other nations step in to stop the humanitarian crisis?
“Oil independence” is in my opinion an extremely important subject for the next decades, and i`m extremely curious to see what effects this will have on both America`s economy as well as the OPEC economies.
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