To William Nordhouse, the world is like a bathtub. The Yale University economics professor isn’t suggesting that our planet is awash in luxurious bubbles or afloat among rubber ducks. Instead, he uses the bathtub analogy to help people understand the integrated nature of the world oil

For US oil refiners, the shale oil revolution our country is seeing is a bit of a good news/bad news situation. The US Energy Information Administration (EIA) announced in June that total US crude oil production had reached its highest point in 26 years: an average of 8.4 million barr