OIL: Unlimbering Giant

To meet the loss of Iran's oil to the West, the U.S. oil industry last week cleared its pipelines for a giant production race. In Texas, the state regulatory commission set the pace: it lifted its monthly "allowable" rate of crude oil production to 3,000,000 barrels, the highest in history.

Never before was the U.S. industry better equipped to meet the test. In six years, it has poured $12 billion into expansion, boosted its proved reserves by 27%, increased its production capacity by 26%. By so doing, it has managed to keep pace with the nation's own ever-growing demand for...

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