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The end of the oil world as we know it

Posted on 22 November 2012

The International Energy Agency’s report ricocheted around the world last week, and nowhere more so than in Canada. The United States will become the world’s largest producer of oil by 2020, predicted the IEA, and North America will become a net oil exporter by 2030. So much for foolishness about the end of oil. So much for the comfortable assumption in Canada that the U.S. would always soak up every drop of oil we could export to them.
Hidden in the report, however, are two other implicit assumptions of immense importance for the future. First, for the first time since president Franklin D. Roosevelt made cozy with the Saud dynasty, the United States will not need, let alone be beholden to, oil-producing countries in the Middle East………………………………………..Full Article: Source


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VRS - who has written 38538 posts on Opalesque Commodities Briefing.


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