http://www.ft.com/cms/s/0/a307107c-1364-11e1-9562-00144feabdc0.html#ixzz1eMMqZ0V3
All of which provides a new optimism on US energy security – all the more for being totally unexpected. The consequences are only just coming into view. According to Daniel Yergin, author of The Quest, a masterful history of the modern search for energy, America’s tight oil supply is now almost equivalent to Libya’s oil output. Within eight years, it will amount to 3m barrels a day in an ever-bigger domestic spigot that will cut America’s oil imports by more than a third.
Already, imports have fallen to 46 per cent of America’s consumption – down from 60 per cent in George W. Bush’s second term. That number is likely to keep falling. Less than a fifth of the US’s oil now comes from outside the western hemisphere. That could dwindle to negligible levels in the near future. “The Middle East will figure less in America’s energy supply and become increasingly critical to China and India,” says Mr Yergin. “This is likely to have big geopolitical repercussions.”
Go read the whole article, it's worth the time.
The short version - there is an ass load of oil to be had in our hemisphere, rumors of peak oil were somewhat hastily circulated.
All of which provides a new optimism on US energy security – all the more for being totally unexpected. The consequences are only just coming into view. According to Daniel Yergin, author of The Quest, a masterful history of the modern search for energy, America’s tight oil supply is now almost equivalent to Libya’s oil output. Within eight years, it will amount to 3m barrels a day in an ever-bigger domestic spigot that will cut America’s oil imports by more than a third.
Already, imports have fallen to 46 per cent of America’s consumption – down from 60 per cent in George W. Bush’s second term. That number is likely to keep falling. Less than a fifth of the US’s oil now comes from outside the western hemisphere. That could dwindle to negligible levels in the near future. “The Middle East will figure less in America’s energy supply and become increasingly critical to China and India,” says Mr Yergin. “This is likely to have big geopolitical repercussions.”
Go read the whole article, it's worth the time.
The short version - there is an ass load of oil to be had in our hemisphere, rumors of peak oil were somewhat hastily circulated.
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