The U.S. will surpass Russia as the world’s top oil producer by 2015, and be close to energy self-sufficiency in the next two decades, amid booming output from shale formations, the International Energy Agency said.
Crude prices will advance to $128 a barrel by 2035 with a 16 percent increase in consumption, supporting the development of so-called tight oil in the U.S. and a tripling in output from Brazil, the IEA said today in its annual World Energy Outlook. The role of the Organization of Petroleum Exporting Countries will recover in the middle of the next decade as other nations struggle to repeat North America’s success with exploiting shale deposits, the agency predicted.There seem to be more stories about the Bakken today than usual. Folks over at Bloomberg, SeekingAlpha, Reuters, and the AP, must be trying to get their minds off that other success story, ObamaCare.
Continuing the theme for this month, a tribute to Lou Reed and Grace Slick and Hunter S Thompson and all the rest ...
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