scottf200
Well-known member
US oil production will jump by a quarter by 2014 to its highest level in 26 years, figures suggest.
http://www.bbc.co.uk/news/business-20957073" onclick="window.open(this.href);return false;
Not good for our *EV market.
http://www.bbc.co.uk/news/business-20957073" onclick="window.open(this.href);return false;
Domestic production, which stood at 6.4 million barrels last year, will rise to 7.9 million barrels next year, the highest level since 1988.
"US oil production is rising extraordinarily quickly, entirely because of the application of fracking, [which is] unleashing very significant new resources into the market," Seth Kleinman, global head of energy strategy at Citigroup, told the BBC.
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But the US will continue to increase oil production for domestic use and to generate revenues from exports.
The US will overtake Saudi Arabia as the world's biggest oil producer "by around 2020", an International Energy Agency (IEA) report predicted at the end of last year.
In fact, global oil production will continue rise, thanks to the discovery of shale oil.
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The discovery of shale oil means global oil production will not peak in the next 20 years, Mr Birol added.
Not good for our *EV market.