Is The U.S. Still A Swing Producer Of Oil?

Less than two years ago, the United States was the world’s largest producer of crude oil. It was the new major swing producer that moved prices up or down with a shrug of the shoulder, challenging OPEC’s long-standing role as price-setter. And then it all changed as the pandemic struck. The second pandemic year is drawing to a close, and oil is rising fast thanks to tight supply combined with stronger than expected demand resulting from a set of favorable circumstances that have pushed West Texas Intermediate to the highest in eight…