Message #9953

[lil mike]

http://www.timeslive.co.za/scitech/2011/12/08/us-shale-oil-seen-rising-fast

US shale oil seen rising fast

The boom in North American shale oil could expand even faster than forecast if the crude is produced responsibly, energy experts say.

The National Petroleum Council recently forecast that some 3 million barrels per day of shale oil could be produced in North America by 2035 if regulations were favorable to the industry.     

The shale oil surge in Bakken, North Dakota and other areas of the country are estimated to be about five years behind the natural gas shale boom. Rapid advancements in hydraulic fracturing, or fracking, and directional drilling have boosted output of both fuels.     

The surge could threaten Saudi Arabia’s dominant role in world oil markets, and it also eases the urgency to develop the kingdom’s own reserves, its state energy company said last month.