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U.S. Oil Boom Blunts OPEC's Pricing Power - The Wall Street Journal

The Wall Street Journal · last updated

U.S. Oil Boom Blunts OPEC’s Pricing Power - WSJ

July 7, 2023 12:01 am ET

U.S. petroleum production is on pace for a record-breaking year, helping to keep energy prices stable despite the efforts of Saudi Arabia and other major oil exporters to drive them higher.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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