Check out the image below: Every time oil prices have surged in history, it has led to a significant increase in U.S. oil production within 12 to 18 months. Ground forces entering is already a confirmed event, and pm has settled. The next phase of escalation—how complex will it get? We’ll need to keep an eye on it. Buffett’s Occidental Petroleum hasn’t seen a substantial spike yet. North American oil will become the primary feedstock for major Asian refineries.