Oil prices surge: vindication is tedious
We've been told for the past several years now that the depressed oil prices were permanent, thanks to fracking and the surge in US domestic production. Now prices are rising again, due to a convergence of crises in major producers: escalating tensions among the Gulf states, labor unrest in Nigeria, deepening instability in Venezuela. The US was able to contain the price spike after the ISIS irruption in 2014 by boosting its own production. This trick isn't going to work forever.