And more k00k losing..........
Drill, Baby, Drill: U.S. Energy Revolution Being Heard ‘Round the World, Yergin Says
..By Aaron Task – Tue, Nov 19, 2013
In Europe, for example, there are concerns about the growth in shale gas giving America a “tremendous advantage” for manufacturing that could cause the EU to be less competitive. Russia and China are also paying very close attention, he says.
Not surprisingly, the biggest impact of America’s energy boom – North Dakota’s Bakken shale alone is expected to top 1 million barrels per day by year-end – is most acutely being felt by members of the Organization of Petroleum Exporting Countries, a.k.a. OPEC, says Yergin.
Total U.S. energy production has risen 56% since 2008 and the increase alone – never mind preexisting output -- is bigger than the entire output of 8 of OPEC’s 12 members, Yergin notes, suggesting America's boom is putting pressure on West African producers like Nigeria, which used to ship most of their crude to East Coast refineries. "They're being turned away now because of oil coming from North Dakota by rail and barge to places like Philadelphia,"he says. "Those producers are having to look to Asia."
Thus, the International Energy AgencyÂ’s annual World Energy Outlook last week is of acute interest to OPEC members.
The IEA predicts America will surpass Saudi Arabia as the worldÂ’s largest oil producer by 2015, a development that generated major headlines here. Less discussed was the IEAÂ’s accompanying forecast that American production will plateau by 2020 and decline soon thereafter, putting OPEC back in the pole position by 2030.
Drill, Baby, Drill: U.S. Energy Revolution Being Heard ?Round the World, Yergin Says | Daily Ticker - Yahoo Finance
Like I keep saying.......the science isn't mattering.
