US to become self-sufficient in energy by 2025? In *Oil*?
Seriously?“In 1990, North American reserves and production were falling but thanks to unconventionals, proved reserves have risen 68 percent since then,” Lance told an audience of OPEC ministers on Wednesday. “North America could become self sufficient in oil as well (as gas) by 2025,” he said at a conference before OPEC’s policy-setting meeting in Vienna”
Well, it turns out that he is pretty serious, as are a whole bunch-a other people. Its due to a confluence of factors - unconventional sources (shale gas), increasing exports in the US, Candian tar-sands, etc. etc. The bottom line is that the U.S. might, actually, be getting closer to energy self-sufficiency, something that I find unexpected and shocking (in a good way!)
Mind you, this is causing ripple effects all over the place, the main one being that Saudi Arabia seems to be (slowly) becoming a lone-wolf in OPEC. FT Alphaville has more, go read it...
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