The US is set to lose its spot as world’s top oil producer — and it ‘doesn’t have a lot of tools’ to do anything about it

First – it does not matter a bit who is the biggest oil producer. That’s a bit like 3 boys comparing who has the bigger one. Exciting when you are 14 – but also very puerile. Second – it matters way more that the shale industry can ramp down just as fast as they ramp up when the current madness is over. And come back it will. Lastly, the US has the biggest of all tools available. A tariff on oil imports would lower international oil prices and provide a lifeline to its own drillers.

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