Political crises in the Middle East had raised fears of an oil price shock around the world.
But so far that has not happened, in large part because the US - which is the world’s biggest oil consumer - increased output from its own wells.
The US President, Barack Obama, said the surge of domestic oil production, together with more fuel-efficient vehicles, was putting energy independence within sight for the country.
Al Jazeera's Tom Ackerman reports from San Antonio in Texas.
Source: Al Jazeera