The U.S. has ramped up oil production so dramatically that it’s joined Saudi Arabia and Russia as one of the world’s largest producers. Just glance at the chart below. Since this surge began in 2008, American production rocketed from 5 million barrels a day to nearly 10 million barrels a day at the high point last year. More importantly, oil analysts confidently predicted that a tide of benefits would flow as freely as the oil now coming out of the ground. First, the U.S. economy would get a boost that would include a renaissance in manufacturing. Second, the U.S. would be far less dependent on the vagaries of foreign energy producers. And third, America could shrink its footprint in the volatile Middle East. Yet none of this has happened. Why not? Forecast No. 1: An Economic Boost The boom, fueled by shale oil fields in places like North Dakota, […]