August 15, 2012
THE UNASKED QUESTION...:
The U.S. Natural-Gas Boom Will Transform the World : North America's massive resources are going to shift market power away from OPEC and Russia and to consuming nations. (JOHN DEUTCH, 8/14/12, WSJ)
Two summers ago, natural gas cost $4.50 per thousand cubic feet, which was less than half what it had cost two summers earlier. Today the price is under $2.50, as unconventional natural gas production has increased to 20% of domestic supply from 5% in 2008, with 40% anticipated by 2020.Meanwhile, North Dakota's Bakken/Three Rivers field produces 600,000 barrels a day of unconventional oil--up from 250,000 barrels in 2010 and less than half that in 2008--making that state the second-largest U.S. oil producer. With such changes happening so fast, it's timely to consider their implications.A United States hopelessly dependent on imported oil and natural gas is a thing of the past. Most energy experts now project that North America will have the capacity to be a net exporter of oil and natural gas by the end of this decade.
...is whether the global economy can afford for us to be a net exporting nation.
Posted by Orrin Judd at August 15, 2012 9:04 AM
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