Issue 122 – U.S. Historic Oil Surge
Introduction…The U.S. will be a dominant force in global oil and gas markets for years to come as the shale oil boom becomes the biggest supply surge in history. This predicted by the International Energy Agency (IEA,)
The report...U.S. production surge to equal Saudi Arabia expansion at its highest point. The natural gas increases will surpass the former Soviet Union. This stated in the annual World Energy Outlook. This boom will turn the U.S. from an oil importer to the biggest exporter of fossil fuels.
“The United States will be the undisputed leader in global oil and gas markets for decades to come,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg television. “There’s big growth coming from shale oil, and as such there’ll be a big difference between the U.S. and other producers.”
Conclusion...The United States oil and gas production has come a long way since OPEC was able to create the 1973 Oil Embargo. A sleeping giant was awakened causing the massive development of shale oil and gas fracking.
Source: Grant Smith, “U.S. to Dominate Oil Markets After Biggest Boom in World History,” Bloomberg Markets, 13 November 2017.