NEW YORK ( TheStreet) -- A fascinating statement from the CEO of Saudi Aramco, the state-owned oil company emerged on Monday, canceling a planned $100 billion expansion program of oil production in the kingdom.The import of this statement from the Saudis couldn't be clearer -- they believe that supply is ample for at least the next several years and are saying that North American production increases are taking up the slack along with demand declines here in the U.S. to assure steady supply. Our newest technological breakthroughs of oil extraction, specifically from oil sands, shale and drilling offshore are working.
Domestic Oil Rising to Fill Need
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