Friday, December 09, 2011

US to become top global oil producer, passing Russia and Saudi Arabia

I found this article earlier this week, and my sense is that this is one of those stories that will shape how we live and do business over the next 50 years. It’s one of those things that the doom-sayers have not counted on:

Western energy giants are increasingly hunting for supplies in rich, developed countries—a shift that could have profound implications for the industry, global politics and consumers.

Driving the change is the boom in unconventionals—the tough kinds of hydrocarbons like shale gas and oil sands that were once considered too difficult and expensive to extract and are now being exploited on an unprecedented scale from Australia to Canada.

The U.S. is at the forefront of the unconventionals revolution. By 2020, shale sources will make up about a third of total U.S. oil and gas production, according to PFC Energy, a Washington-based consultancy. By that time, the U.S. will be the top global oil and gas producer, surpassing Russia and Saudi Arabia, PFC predicts.

1 comment:

  1. As long as the left is in power and stifles our energy production (and news like this will be used to support their efforts), it will be a long time before we can turn the corner on production.