Age of Abundance

When the Apollo 13 astronauts realized their oxygen tanks were badly damaged, they famously said “Houston, we’ve had a problem.” Today, this phrase could well describe the U.S. oil and gas industry.  The issue isn’t only today’s low prices, but also the industry’s resilience and its response to low prices.  U.S. producers may have created a price ceiling for the world. Today we reflect on a new age of abundance in U.S. energy markets.