Though oil and gasoline prices are higher now than they were 10 years ago, prices have remained relatively steady the past couple of years, and it could be because of America’s shale oil production, according to a column by James Clad, former U.S. deputy assistant secretary of defense for Asia Pacific Affairs form 2007-09. The column appeared on TheHill.com.

Saudi Arabia is producing more oil now than it ever has, but oil prices remain high. Why? There’s a lot of demand in growing countries like India and China, but Middle East instability also pushes prices higher.

Thanks to the U.S. supply of shale oil, prices have remained relatively stable considering the circumstances.

Read it:

“If there’s any good news in this, it’s that prices would have been much, much higher if shale-extracted U.S. oil hadn’t been in the global supply mix. By mid-2013, total American oil production hit its highest level since 1989. During last year alone, U.S. oil producers added an extra million barrels/day, the largest one-year increase in American history.”

Without shale, the article argues, oil prices “could be well above $115/barrel.”

» Via: The Hill › Without shale, oil prices would be a lot higher