The Rise Of American Oil : The Indicator from Planet Money What it means that the U.S. is now the biggest consumer and producer of crude oil in the world.

The Rise Of American Oil

The Rise Of American Oil

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The United States has long been one of the biggest consumers of oil in the world. And that meant the U.S. was always a bit at the mercy of OPEC, the international cartel that controls oil prices by raising or lowering oil output.

How things have changed. Today, the U.S. is the biggest producer of oil in the world. It outproduces Saudi Arabia. Today on the Indicator, Stacey Vanek Smith talks to Christopher Knittel, an economist at MIT, about what caused this turnaround in the oil dynamic, and what it means for the US and for the global economy.

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