Posted By LambChop
The United States is poised to be energy leader despite the Obama administration’s efforts to block our progress. The U.S. will RESET the global energy market by 2018.
The International Energy Agency (IEA) in its semi-annual report predicts that shale oil and gas in the continental United States will exceed demand across the world over the next five years. The developing economies outside OECD (BRICS countries and Saudi Arabia) are forecasted to drive the increased demand.
IEA Executive Director Maria van der Hoeven said this: “North America has set off a supply shock that is sending ripples throughout the world. The good news is that this is helping to ease a market that was relatively tight for several years. The technology that unlocked the bonanza in places like North Dakota can and will be applied elsewhere, potentially leading to a broad reassessment of reserves.
Even with the Obama administration’s doubling of oil and gas regulations, their moratorium on leases and drilling that are all designed to drive prices up, the price of oil fell to below $95 a barrel on Tuesday. U.S. Oil production will skyrocket in 2014 to the highest level since 1988.
OPEC will become less influential with the disastrous Arab Spring and instability in North and sub-Saharan Africa.
The report also indicated that the global refining industry and oil trading patterns will be affected by the rising capacity of the developing world.