US to be #1 in oil production by 2020

Imagine what we could accomplish if we had a president who aggressively developed our oil shale fields? Bloomberg: Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to 28 nations said today in its annual World Energy Outlook. The U.S. met 83 percent of its energy needs in the first six months of this year, according to the Energy Department in Washington. "The IEA outlook feeds into the idea of a shift in the center of influence in the world oil market," said Gareth Lewis-Davies, an analyst at BNP Paribas SA in London. "Given Saudi Arabia is willing to shift production up and down it will retain a large degree of influence, and remain important as a price-influencer." The U.S., whose crude imports have fallen 11 percent this year, is on track to produce the most oil since 1991, according...(Read Full Post)

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