America is poised to become the world’s largest energy producer. By utilizing new technologies for fracking its domestic shale resources, the United States is expected to become self-sufficient in energy within a generation.
Wouldn’t you expect the oil exporting OPEC nations to voice a little concern about the competitive threat that is posed by American shale? Not all! So claimed experts at today’s Energy Insights Forum at the London Business School.
Apparently, the experts believe that North America will now become a magnet for OPEC’s technological expertise and business acumen. On the one hand, perhaps that will prove to be true.
But on the other hand, perhaps this expert prediction represents the most optimistic “spin” that the oil industry can place on a highly ominous economic prospect: the evolution of a significant amount of demand towards an alternative source of supply.