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March 12, 2020, 10:35:26 AM
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It No1 slot is based on environmentally damaging and uneconomic shale oil extraction. Continued production will require considerable support for toxic debts, and the money should be used to support profitable industries. It can't compete with Russia, Saudi or even Venezuela, and it is losing its influence with the major producers.
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March 12, 2020, 11:31:03 AM
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With current oil prices, this is probably going to happen as a matter of pure economics. The new fracking technologies the US depends on to hold this #1 position is considerably more expensive than say classic oil wells which Saudi Arabia is purposely using to cause a glut in the market right now. Experts have long been warning this position would only be held temporarily well before this anyway.
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