When President Trump pulled out of the Iran nuclear deal, analysts warned that Iran’s crude oil production and exports could decline, forcing crude oil prices up.

But one thing remains clear: The recent U.S. gas and oil boom will help fill any impending gaps in the global energy supply.

Thanks to hydraulic fracturing, U.S. crude oil production should grow to help meet or exceed demand over the long term, which means prices will likely stabilize at a reasonably affordable price.

If the reimposed U.S. sanctions apply to Iranian oil production ? an issue that is as yet undecided ? daily global production could decline by 1 million barrels or more.

And then there’s the failed state of Venezuela. The country currently produces about 1.4 million barrels per day, down from about 2.4 million a decade ago. And production continues to decline.

Iran and Russia, and to a lesser extent Venezuela, use their oil revenues to help finance political mischief around the world. So cutting their oil revenues enhances global stability and peace.

The good news is that the United States has the resources and the ability to fill the gap, and rising crude oil prices could serve as the catalyst to do so.

But there’s more. Great Britain, and the European Union in general, has been reluctant to engage in fracking. That may be changing. Great Britain is considering allowing fracking. While this effort seems initially to be limited to natural gas, crude oil likely won’t be far behind.

The price of crude oil will fluctuate, sometimes wildly. But high oil prices and low U.S. production costs mean Iranian and Venezuelan oil production declines can be replaced in the near future.