by Andrew Follett, July 7, 2017
Saudi Arabia has lagged the U.S. in oil production for the last four years, according to federal data compiled by University of Michigan economist Mark Perry.
Perry created a chart Saturday showing just how far behind Saudi oil production has trailed U.S. production. Rising U.S. production combined with OPEC policies drove crude oil prices down to new lows. Monday, a barrel of oil costs $46.26, while the same barrel would have sold for $109.04 in June 2014.