US crude oil production surpassing 10m barrels a day has cemented the country’s return as a bona fide energy superpower, with the shale oil revolution helping double output in under a decade. It now stands shoulder-to-shoulder with Saudi Arabia and Russia as one of only three countries capable of pumping above the magic 10m b/d mark. President Trump has described a goal of “energy dominance” for the nation.

But a quick glance at the oil price, currently hovering close to three-year highs near $70 a barrel, suggests earlier predictions that the shale era would usher in a period of “lower for longer” prices are starting to look premature. “Dominance” of the 100m barrel a day global oil market is likely to remain elusive.

While US shale was the biggest factor in ending the days of $100-oil in 2014, a growing army of voices are now arguing that its ability to cap prices in perpetuity may be overstated.