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| Economy |
| US shale oil supply shock rocks global power balance |
| 2013-05-14 |
| A steeper than expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers. Over the next five years, the US will account for a third of new oil supplies, according to The International Energy Agency (IEA). The US will change from the world's leading importer of oil to a net exporter. Demand for oil from Middle-East oil producers is set to slow as a result. "North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven. The surge in US production will reshape the whole industry, according to the IEA, which made the prediction in its closely-watched bi-annual report examining trends in oil supply and demand over the next five years. The IEA said it expects the US to overtake Russia as the world's biggest gas producer by 2015 and to become "all but self-sufficient" in its energy needs by about 2035. |
| Posted by:tipper |
| #6 I suspect when California finally hits rock bottom economically the evironmentalists will suddenly become quiet for their own safety. We haven't hit bottom because the left still holds out hope that the problems can be solved by (a) Magic (b) a Federal Buyout. But then again those are kind of the same thing. |
| Posted by: rjschwarz 2013-05-14 15:18 |
| #5 Like the alcoholic chugging the cooking wine SHhhh! Woggut don't spill the beans on why Steven Chu resigned his post. I doubt Incumbent Daniel Poneman Acting Secretary of Energy since April 23, 2013 will be any better. |
| Posted by: Deadeye Flineger5620 2013-05-14 13:30 |
| #4 Don't have to produce all our own supply. It's a global market. So long as there are plenty of options and a steady supply, prices will remain stable and the ME will no longer be critical to everyone's geopolitical safety. |
| Posted by: Titus Ulans4144 2013-05-14 12:09 |
| #3 When it comes down to protecting the government job and welfare state gravy train vs the enviros, the enviros will go under the bus (assuming it won't affect the views from Marin or Malibu). Like the alcoholic chugging the cooking wine, they'll do whatever it takes. |
| Posted by: Woggut 2013-05-14 12:03 |
| #2 Obama declares the lands a 'National Preserve' preventing extraction in 5... 4... 3... Didn't Bill Clinton do the same for Coal? |
| Posted by: CrazyFool 2013-05-14 11:21 |
| #1 If they're counting the Monterey Shale reserves in California (People's Republic of), then that resource may not be as available as thought - either by actual geological problems or eco-government interference. |
| Posted by: Mullah Richard 2013-05-14 10:38 |