Report: Shale boom has put United States at center of oil world

The latest oil boom gone bust may feel like history repeating itself, but the New York Times reports that this time the center of the oil world has spun from the sands of Saudi Arabia to the shale oil fields of Texas and North Dakota. The newspaper says the United States is overtaking the Organization of the Petroleum Exporting Countries (OPEC) as the vital global swing producer that determines oil prices. The change has been building since 2008, says the Times, as American shale fields account for roughly half of the world’s oil production growth and U.S. petroleum output has nearly doubled. For more, read the full story.