by Bradley Olson, Joe Carroll and David Wethe, Bloomberg
No matter what OPEC countries decide tomorrow about cutting oil output, U.S. producers already know what they’re going to do: drill on.
As Saudi Arabia and its 11 fellow members of the Organization of Petroleum Exporting Countries meet for what’s viewed as the cartel’s most important conclave since 2008’s worldwide financial crisis, the U.S. has the most to gain and the least to lose.
For the oil industry, a significant production cut by OPEC would lift prices and profits across the board and help finance further U.S. energy innovation. And while a weaker response — or no move — would put more pressure on energy companies, the industry is increasingly insulated by burgeoning North American output. Read the entire story.