A key metric of the shale drilling boom

Data: U.S. Energy Information Administration; Chart: Axios Visuals

The shale boom has become a check on the market's long-term volatility

The array of producers in the U.S. oil patch is pretty much the opposite of a cartel, but a new report distills a key reason why companies' individual decisions have together become such a powerful market force.

Reproduced from Federal Reserve Bank of Dallas; Chart: Axios Visuals