NEVER TOLERATE TYRANNY!....Conservative voices from the GRASSROOTS.

Is Obama attempting to protect the muslim Middle East Oil Cartel by EPA over-regulation of our own supply?

US shale oil supply shock shifts global power balance

14 May 2013 Last updated at 10:00 ET

BBC News

A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says.

Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency (IEA).

The US will change from the world's leading importer of oil to a net exporter.

Demand for oil from Middle-East oil producers is set to slow as a result.

"North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven.

The surge in US production will reshape the whole industry, according to the IEA, which made the prediction in its closely-watched bi-annual report examining trends in oil supply and demand over the next five years.

The IEA said it expected the US to overtake Russia as the world's biggest gas producer by 2015 and to become "all but self-sufficient" in its energy needs by about 2035.

The rise in US production means the world's reliance on oil from traditional oil producing countries in the Middle East, which make up Opec (the Organization of the Petroleum Exporting Countries), would end soon, according to the report.

Slower growth

US production is set to grow by 3.9 million barrels of oil per day (bpd) from 2012 to 2018, accounting for some two-thirds of the predicted growth in traditional non-Opec production, according to the IEA.

QUOTES:

The regional fallout from the 'Arab Spring' is taking a toll on investment and capacity growth”

IEA

Meanwhile, global oil demand is set to increase by 8% which would be met mainly by non-Opec supplies, the report said

The IEA still expects production capacity among traditional Opec suppliers in the Middle East to continue to grow over the next five years, but at a slower rate.

Opec capacity, which counts for 35% of today's global oil output, is expected to rise by 1.75 million bpd to 36.75 million bpd in 2018, about 750,000 bpd less than predicted in the IEA's 2012 forecast.

The IEA cites the "growing insecurity in North and Sub-Saharan Africa" in the wake of the Arab Spring uprisings as a key reason for the slowdown.

"The regional fallout from the 'Arab Spring' is taking a toll on investment and capacity growth," the IEA said.

Fracking

The sharp rise in US oil production is largely thanks to shale oil, a product many have hailed as the saviour of the US energy market.

Fracking, the process of blasting water at high pressure into shale rock to release oil (or gas) held within it, has become widespread in the US.

But critics of shale oil point to environmental concerns such as high water use and possible water contamination, the release of methane and, to a lesser extent, earth tremors caused by drilling.

The process has been banned in France, while the UK recently lifted a moratorium on drilling for shale gas.

Nations don't like to publicize the fact that "OIL and Natural Gas" drives the world economy. Anything that disrupts the current balance between the oil haves and the oil have-nots is bound to create disharmony.

Obama can be counted on to protect the oil industry of the USA . . . . . or can he?

Can the Middle East nations be counted on to remain steady oil producers and suppliers? How about Libya, how about Afghanistan, how about Iraq, how about all the others?

Possibly what this nation needs more than anything else for our near future is a man from the oil industry that knows what's at stake, to run for president. We don't need another politically connected/selected slick party affiliated politician with no demonstrated work qualifications or proof of citizenship.

Obama ! G E T O U T ! ! !

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Comment by chris ralls on May 15, 2013 at 9:48am: It is now the culture to "clean" up America and it does not matter if crops can't grow and people can't find work. Ca will be the first state to go bankrupt, it is state of oil, gas and ag and obama is furious tht. we do not depend on him for our food and feuls. He with the help of Ca minions will change tht. but they r not the ones to suffer, they r too rich and exempt. Sad tht. fools elected him twice to destroy them, many r their own worst enemy and they r too uneducated to see it.