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US oil supply weathers Mideast turmoil

Surge in domestic production overcomes fears that Middle East crisis would lead to spike in global oil prices.

Last Modified: 31 Aug 2013 08:46
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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.

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Al Jazeera
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