The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The United States has more oil than Saudi Arabia, says a new study by Norwegian consultancy Rystad Energy. The size of American reserves, at 264 billion barrels, is around a fifth higher than what is estimated to be located in the desert kingdom. That’s a surprise. But it’s also beside the point. Oil supremacy goes not to the one who has most, but the one who controls the price.