The Rising Influence of Rising Affluence

[OakesCS]

that wasnt a particularly well researched article. As of the most recent data I've seen (Feb 2013) the US is the world's largest producer of oil (11.7 Mbbls/day). Saudi Arabia was at 10.85 and Russia at 10.5.
http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=50&pid=53&aid=1&cid=&syid=2012&eyid=2013&freq=M&unit=TBPD

Russia's production was flat for 2012 and i've heard that there has been mass culling of oil-field workers which tells me that their 2013 production will be lower. Saudi Arabia's production is also decreasing.

The WSJ's graph shows 2012 US production under 10 Mbbl/day whereas the eia's data has monthly production well over 10. Eyeballing it says avg 2012 production was very close to 11 Mbbl/day.

As for regional gluts: i live in oklahoma and was in california 2 weeks ago. I was amazed to see that gasoline prices were identical between the 2 states. I wouldnt be surprised if prices were lower in the western and middle Great Lake states than either OK or CA. This is a result of the Bakken being nearly stranded with respect to pipelines and existing pipeline routing out of Canada. Hate to be cynical ;^) but i think this is part of obama's game plan.

As for Nigeria and Venezuela: aging oil fields are not their problem; rather domestic corruption and ineptitude combined with abundant supplies from elsewhere and crappy economies around the world.