An old oil myth is getting a new lease on life by traders and "analysts" set to convince you that the sky is about to fall.

These "Chicken Littles" are once again talking about drilled but uncompleted wells (or DUCs), and how they (any day now!) will bring oil and gas prices crashing down.

The Environmental Protection Agency (EPA), for better or worse, has huge influence over the U.S. energy markets.

So President-elect Trump's nomination of Scott Pruitt as the new head of the Environmental Protection Agency (EPA) is understandably grabbing a lot of headlines.

For one, Pruitt has made no apology for his adamant opinion that the EPA – the very agency he's set to lead – should be abolished.

But amid all that, another, even more important EPA matters has been buried…

A whole market sector is at risk.

Since last Friday's close, crude oil prices have dropped just over 4%. The reason is simple: concern over rising U.S. shale oil production.

Indeed, ever since the November 30 meeting in Vienna where OPEC promised to cut oil production, the U.S. response has been the focus of global markets.

What happens here may well decide whether OPEC's Vienna Accord is successful or not.

Assuming he is confirmed as U.S. Secretary of State, Rex Tillerson will almost immediately begin a process of rolling back sanctions against Russia.

And the megalith he runs has been active behind the scenes in making this happen.

Tillerson is still technically CEO of international energy major ExxonMobil until the Senate confirms his cabinet appointment.

Iran yesterday announced a list of 29 international oil companies that have been approved to bid for oil and gas projects under a newly redesigned version of the Iran Petroleum Contract (IPC).

But despite what today's drop in the price of oil may make you think, this is not a sign that Iran is about to massively increase its oil production and scuttle the Vienna Accord that's pushing oil prices up.