“America is poised to become the world’s largest oil producer once again — nearly four decades after it lost the title,” writes The Sunday Times.
Goldman Sachs, the investment bank, has predicted that US production will hit 10.9m barrels a day by 2017, a one-third rise over its current level of 8.3m barrels a day.
The surge is a result of novel drilling technologies that have opened new fields. The last time America was the biggest crude producer was 1973, when Opec, the cartel of oil-producing nations, launched its first embargo and sent prices soaring. Russia was the world’s top producer last year with daily output of 10.6m barrels, followed by Saudi Arabia at 10.4m. There are doubts about the ability of both to increase production substantially. Goldman expects Russia, whose nationalistic approach to natural resources limits investment from western firms, to have raised output by only 100,000 barrels a day by 2017.
2 comments:
THIS IS WHERE YOU CAN CULL OUT REALITY
Like realclearpolitics they will attempt to give both sides, but you can find the truth.
And it is MORE OIL AND GAS IS HERE, which means Obama is OUT OF HIS MIND, and is a hopeless ideologue.
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