Notes from Shale Oil Report
- Shale Gas
- increase the supply of fossil fuels
- cut demand from China's economic growth
- Extraction
- horizontal drilling
- hydraulic fracturing
- Half a million barrels of il a day flowing from bakken field
- Belfer Center Report Oil the Next Revolution
- shale oil could provide 6 million barrels a day by 2020
- US imports 11 million barrels a day in 2011
- can be near energy independence
- Economically puts pressure on global oil prices
- United States have only experienced first stage of low natural gas prices
- major stimulus if oil prices reduce
- greater range of options in dealing with foreign states
- European advantages as well
- Political drawbacks
- If US no longer has dependence to oil in Gulf, Europe has reduced security
- developing natural gas transportation for their own security
- China
- potentially 36 trillion cubic meters of recoverable shale resources
- Russia and Saudi Arabia reduction in power and economy destabilize markets in these countries
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