Economist Mark Perry reminds us:

THE US ENERGY MIRACLE. Here’s an energy fact that hasn’t gotten much attention lately. Without the Shale Oil Revolution in 2008, and if US oil production had continued its long-term decline using conventional methods, the US might now only be producing 3M barrels per day, instead of 14M bpd.

The implications of the Shale Oil Revolution on US energy, the US economy, US national security and the world economy are nothing short of miraculous.