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

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