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Commodities Briefing - Categorized | Market Pulse, Oil more

Saudis dare U.S. to play oil ball

Posted on 02 May 2013

The latest assessment of the estimated oil reserves in the Bakken and Three Forks formation in the northern U.S. plains states was about twice as much as previously thought. Those plays, spread out over North Dakota, South Dakota and Montana, could bring the United States one step closer to energy independence, the U.S. interior secretary said.
New technologies used to get at the oil locked in those shale formations has redefined the geopolitics associated with the global energy sector. The latest government figures suggest the United States is relying less on OPEC for its oil, yet Saudi Oil Minister Ali al-Naimi said talk of energy independence is, in his words, “naive.”……………………………………….Full Article: Source


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