Remember when America’s political class fretted about “peak oil” and dependence on foreign energy? So much for that. The U.S. the other week for the first time in 75 years became a net petroleum exporter as the Organization of the Petroleum Exporting Countries wrangled over how to respond to America’s growing energy bounty.

U.S. crude production has surged 20% in a year and nearly tripled in a decade thanks to advances in hydraulic fracturing and horizontal drilling. American output is rising at the fastest rate in a century....