| US oil production will jump by a quarter by 2014 to its highest level in 26 years, figures suggest. This is mainly because of the discovery of vast reserves of shale oil.
The Energy Information Administration (EIA) in the US also forecast average global oil prices would fall from $112 a barrel in 2012 to $99 in 2014. It said US oil imports would fall by a quarter between 2012 and 2014, because of rising domestic production and the discovery of shale gas...............................................Full Article: Source
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