The price of gas in the U.S. is now cheaper than before Russia invaded Ukraine, which sent oil prices sky high.
U.S. shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world's largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from overworked oilfields and less productive wells. On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) meets to decide whether to hold the line or cut its output, no longer afraid that their policy decisions might provoke a surge in shale production in the way they did in the years before the pandemic.
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