Reports from the Energy Department released this week show that overall crude output in the US rose 3.7 percent to 6.5 million barrels per day by the week of September 21, according to Consumer Energy Report.
The major issue for many countries is that oil is becoming too expensive for the economy to afford, Tverberg writes.
Drivers in North America are now competing with the rest of the world for cheap American crude oil, Schaefer writes. The result? High gas prices.
Economic and job growth are closely tied to energy consumption. While jobs can grow faster than energy use when efficiency kicks in, the cost may be lower wages.