|Flag ~ Saudi Arabia (Photo credit: erjkprunczýk)|
The basic gist: Thanks to oil from shale, production is growing like bonkers, and it will overwhelm the infrastructure, leading to huge gluts and collapsing prices.
There's a new phrase being bandied about and that's "Saudi America."
We first noticed it earlier this month when Morgan Stanley's Evan Calio used it to title a note. The economist Mark Perry used it on Twitter earlier this week, as well.
Even if it's an exaggeration, the boom in domestic energy (and the diminishing reliance on foreign oil) is one of the biggest US economic stories right now.
Here are some charts that show why people are so excited.