US oil supply weathers Mideast turmoil

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

    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


    YOU MIGHT ALSO LIKE

    Why Jerusalem is not the capital of Israel

    Why Jerusalem is not the capital of Israel

    No country in the world recognises Jerusalem as Israel's capital.

    Canada: Attack on girl wearing hijab 'did not happen'

    Canada: Attack on girl wearing hijab 'did not happen'

    Toronto police announce hate crime investigation concluded after evidence shows cutting of girl's hijab didn't occur.

    New Boko Haram video purports to show Chibok girls

    Boko Haram video purports to show seized Chibok girls

    Girl appearing in footage says the abductees are safe, live g in comfort and do not want to be rescued.