Falling U.S. Oil Imports Will Reshape the World Crude Market

http://www.businessweek.com/articles/20 ... ude-market

"If you had told an oil analyst seven years ago that by 2014 the U.S. would import only 6 million barrels of crude oil per day, or roughly a third of what the country uses, he would have been incredulous. Imports back then accounted for roughly two-thirds of U.S. oil consumption, according to the federal Energy Information Administration, and had been rising for 30 years. With all its major fields discovered and production dropping, America seemed destined to import more and more oil, especially from Canada, Mexico, Venezuela, Saudi Arabia, and West Africa.

Then came hydraulic fracturing—the technique of blasting water into shale to extract oil and gas—and the energy picture in the U.S. changed dramatically in a few short years. Now the International Energy Agency predicts that by 2020, U.S. oil production will exceed Saudi Arabia’s. This is altering decades of established trading patterns.".................................

Peak Oil will have to wait for another couple decades.

FredHayek wrote: Peak Oil will have to wait for another couple decades.

Yes but in spite of jingoism this is the kind of stuff wars are really fought over.

It would be nice to ignore the Middle East for awhile, or tell China that the ball is in your court now.

And it looks like Australia is also finding more petrol with the same fracking tech.

Interesting news on our changing import percentage. Now where are all those posters who kept saying don't bother drilling for our own oil because we don't have enough here? Drill Baby Drill!!! LOL

It will take years to uncover it blab blab blab. Aren't we glad it happened?

LOL wrote: Interesting news on our changing import percentage. Now where are all those posters who kept saying don't bother drilling for our own oil because we don't have enough here? Drill Baby Drill!!! LOL

I have never seen a post that made that statement.

And that stupid anti-fracking Matt Damon movie bombed big time. Nice to see a propaganda piece go up in flames.

Something the Dog Said wrote:

LOL wrote: Interesting news on our changing import percentage. Now where are all those posters who kept saying don't bother drilling for our own oil because we don't have enough here? Drill Baby Drill!!! LOL

I have never seen a post that made that statement.

They are actually easy to find by searching energy independence oil imports etc. And no, I am not going to link them for you, do it yourself. Have fun!