The Permian Basin has turned the whole oil industry on its head. It has made the USA market self sufficient and with the addition of Canada's oil sands production, the North American market can remain so for decades.
That is a powerful bargaining chip on the global stage. Yet we are still shifting to the EV paradigm and this will also be complete for personal transport by 2030.
For that reason, geological reserves will soon be hugely ample for even the globe itself. we can slowly retreat from the more costly frontier oil exploration industry. If any thing China and India will switch out of oil faster than North America...
•28 Jun 2019
The U.S. has more than doubled its crude oil output over the last decade. Much of the growth is due to the Permian Basin of West Texas and New Mexico. WSJ traces the hotspot of North America’s crude oil boom, with a look at challenges that producers in the region face.