puisseguin Posted November 13, 2012 Share Posted November 13, 2012 The USA is increasing its output of oil mainly due to extraction from shale and is set to overtake Saudi Arabia as the worlds largest oil producer by 2020, by which time the country will be energy self sufficient and a net exporter of oil. Link to comment Share on other sites More sharing options...
WeX Posted November 13, 2012 Share Posted November 13, 2012 Great news for the USA. Hopefully this will also mean that bunch of crooks, OPEC will be forced into lowering their prices. Link to comment Share on other sites More sharing options...
puisseguin Posted November 13, 2012 Author Share Posted November 13, 2012 Great news for the USA. Hopefully this will also mean that bunch of crooks, OPEC will be forced into lowering their prices. Interestingly the US switched from middle eastern oil years ago and imports very little from there. Canada, which already produces most of its oil from shale, is the largest supplier of US oil and will now have to look to other markets to sell its surplus. They plan to build a pipeline to Vancouver and export oil to the far east. Link to comment Share on other sites More sharing options...
alchresearch Posted November 13, 2012 Share Posted November 13, 2012 There's supposedly a huge reserve in Siberia that is too hard to get to at the moment. If they ever succeed, the Russians will be the next big oil producer. Link to comment Share on other sites More sharing options...
anywebsite Posted November 13, 2012 Share Posted November 13, 2012 Great news for the USA. Hopefully this will also mean that bunch of crooks, OPEC will be forced into lowering their prices. Not really, because the shale oil they're extracting costs a lot more to extract than oil from a Saudi oil well. It's a sign that the price will remain high forever if they're investing in shale oil. Link to comment Share on other sites More sharing options...
Vague_Boy Posted November 13, 2012 Share Posted November 13, 2012 There's supposedly a huge reserve in Siberia that is too hard to get to at the moment. Huge deposits of snake oil are to be found there I believe. "US energy independence" is an old story, going back to the days of Richard Nixon: November 7, 1974: U.S. President Richard Nixon announces "Project Independence," a plan to wean the United States off foreign oil. The dream of American energy independence is born. The other day, Larry Kudlow, the king popinjay at CNBC, told viewers that the US has over a trillion barrels of oil waiting to be drill-drill-drilled on our way to "energy independence." This is the kind of malarkey that America thrives on these days, the way yeasts thrive on sugary mash. It's a complete falsehood, of course, but the working dead over at The New York Times said substantially the same thing in a front-page story the week before. The Timespersons have only one source for their stories: Daniel Yergin, chief public relations pimp for the oil industry, because he makes it so easy for them by providing all the information they will ever need. The oil and gas companies would like to direct the fire-hose of loose and easy money out there into their stock prices - building to the magic moment when, Mozillo-like, the executives can dump shares, cut, and run for the far hills where no SEC officer or DOJ attorney will ever think to look. This is just another racket in an all-rackets society. LINK (If you're unfamiliar with the Countrywide Credit scam, the "Mozillo" referred to above, the details can be found here.) Link to comment Share on other sites More sharing options...
alchresearch Posted November 13, 2012 Share Posted November 13, 2012 Huge deposits of snake oil are to be found there I believe. The Sevastyanovo oil field? I've not heard any evidence to the contrary. There was a huge flurry of news in 2010 but its been quiet since. Link to comment Share on other sites More sharing options...
gotone Posted November 13, 2012 Share Posted November 13, 2012 The USA is increasing its output of oil mainly due to extraction from shale and is set to overtake Saudi Arabia as the worlds largest oil producer by 2020, by which time the country will be energy self sufficient and a net exporter of oil. Good. sooner the better. Link to comment Share on other sites More sharing options...
frededwards Posted November 13, 2012 Share Posted November 13, 2012 Good. sooner the better. Hmmm, I'm not so sure. We'd go from having the oil supply controlled by a load of uneducated religious fundamentalists to having the oil supply controlled by another load of uneducated religious fundamentalists. Link to comment Share on other sites More sharing options...
JFKvsNixon Posted November 13, 2012 Share Posted November 13, 2012 Good. sooner the better. Why is it good? The Saudi's will still maintain their wealth by selling their oil to other parties, the oil will still continue to rise; what will change? Link to comment Share on other sites More sharing options...
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