Disruptions in oil supply from the Middle East and North Africa would send crude oil prices up to $150 per barrel if it weren't for surging U.S. oil production.



The oil boom in North Dakota and Texas have prevented the cost of oil from increasing, Energy Information Administration chief Adam Sieminski said in an interview with Reuters.



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Oil production in North Dakota's Bakken, and Texas's Eagle Ford shale formations have increased in the last decade to over 4 million barrels per day, Reuters reports."If we did not have the growth in North Dakota, in the Eagle Ford and the Permian, oil could be $150 [per barrel]," Sieminski told the media outlet. "There is a long list of countries with petroleum outages that add up to about 3 million barrels per day."Sieminski said U.S. oil operations have helped the country cope with a lack of supply coming from Libya, Iraq and other major producers due to turmoil in those regions.