There are lots of reasons to be happy about strong America’s shale resources, but here’s one more – it’s putting a hurting on OPEC!   According to U.S. Energy Information Administration (EIA) estimates, in 2016, “members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues (unadjusted for inflation). This represents a 15% decline from the $509 billion earned in 2015, mainly as a result of the fall in average annual crude oil prices during the year, and to a lesser extent to decreases in the level of OPEC net oil exports. This revenue total was the lowest earnings for OPEC since 2004.”

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