IT WOULD CERTAINLY ENCOURAGE MORE FRACKING: What Oil at $100 a Barrel Would Mean for the Global Economy.

The good news is that Bloomberg Economics found that oil at $100 would mean less for global growth in 2018 than it did after the 2011 spike. That’s partly because economies are less reliant on energy and because the shale revolution cushioning the U.S.

Ultimately, much depends on why prices are pushing higher. A shock amid constrained supply is a negative, but one due to robust demand just reflects solid growth. Both forces are now in play, driving Brent crude up about 22 percent this year.

If 4%+ US economic growth has driven the price of crude up only to about $80, then I’d say the fracking revolution has been a stunning success — and is just getting started.