Business Insider | Why economists were totally wrong about cheap oil Business Insider The drilling boom that erupted in 2008 has boosted U.S. oil production nearly 75 percent and natural gas 30 percent and made the United States the world's largest combined producer of oil and natural gas. Energy production contributes about 2 percent ... Oil prices could hit a summer slump Cheaper oil isn't such a benefit for US economy anymore as pullbacks in ... Cheap oil not fueling growth |