The U.S holds the world’s second-largest amount of recoverable shale oil, according to the EIA. Russia, China, and Argentina are also rich in shale oil but the international development of shale resources has proceeded at a slower than expected rate and continues to trail the production boom in the U.S. This lag in the global revolution is partly to blame on the lack of infrastructure. There are too many unknown factors to predict when the rest of the world will catch up.
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Did you know that the U.S. met 86% of its energy needs in the first 11 months of 2013! WOW!!
Panelists at the IHS CERAWeek predicted that the best is yet to come for worldwide oil production. The nimble nature of the independents in the U.S. was cited as a key factor in the shale renaissance. Javier Gutierrez, president of Colombia’s EcoPetrol, agreed that the U.S. has provided a model for the rest of the world to emulate. It is a huge opportunity for Mexico and other parts of the world.
Thanks to the boom in shale oil production in the U.S., net petroleum imports fell to only 33% in 2013. That is the lowest dependence on foreign petroleum since 1985!