02.07.2013 - Yes Virginia, US oil production can influence global prices
The price of oil is determined not by the overall amount of oil produced and consumed but by whether slightly more oil is being produced than consumers want to buy or slightly less. If slightly more is being produced then stockpiles will rise larger and larger over time. Stockpiles canít keep growing forever and as they build larger and larger, vendors become eager to sell and cut the price. Similarly, as stockpiles shrink closer to zero, vendors become nervous that they will run out and raise the prices......................................Full Article: Source
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