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How shale boom insures US against possible military strike on Syria

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Keith Srakocic/AP/File

(Read caption) A crew works on a gas drilling rig at a well site for shale based natural gas in Zelienople, Pa. Record levels of domestic oil production helps buffer the US against the effects of a possible military strike on Syria.

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As always, the markets are roiling in anticipation of a US-led attack on Syria, and the ensuing trouble that such an attack could cause in the Middle East, and its impact on global oil production and supplies.

On the New York Mercantile Exchange, West Texas Intermediate crude oil jumped more than $3 a barrel on Tuesday to begin trading on Wednesday at $110.45. Gasoline prices in the US have risen the most in six weeks despite most analysts having predicted a fall in price in line with the traditional seasonal decline in demand.

The problem is that any conflict in the Middle East runs the risk of spilling over into the other countries, potentially impacting on crude oil production and supplies to the rest of the world via the Straits of Hormuz. (Related article: Has the Shale Bubble Already Burst?)

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