US shale oil supply shock shifts global power balance

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yanisha
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US shale oil supply shock shifts global power balance
11 months ago

http://www.bbc.co.uk/news/business-22524597

A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says.

The IEA said it expected 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.

The rise in US production means the world's reliance on oil from traditional oil producing countries in the Middle East, which make up Opec (the Organization of the Petroleum Exporting Countries), would end soon, according to the report.

Cleaner energy, less global warming, and much less reliance on the Middle East.  Great for the whole world -- except maybe OPEC.

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