Growth in US Oil Supply Expected to Challenge OPEC Growth in US Oil Supply Expected to Challenge OPEC
Growth in US Oil Supply Expected to Challenge OPEC

Growth in US Oil Supply Expected to Challenge OPEC

Growth in US Oil Supply Expected to Challenge OPEC

by Steve Eastman, CleanTV

According to the International Energy Agency, one third of new oil supplies will originate in the US over the next five years.  Believe it or not, America will likely shift from the globe's leading oil importer to a net exporter.

Not only that, but the IEA is expecting the US to become the world's largest gas producer, overtaking Russia by 2015.  Imagine that.

Here's the best news.  The agency expects America to be "all but self-sufficient" in energy by 2035, give or take a few years.  But for now, OPEC production is expected to increase, although more slowly.

What's the secret to the big spike in US oil production?  Mostly one word — FRACKING.  That's the process in which water and certain chemicals are blasted into shale rock.  The bad news is — not only does fracking release oil, it also contaminates water.  And in many cases, after fracking comes to an area, the related job boom is short-lived.

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