U.S. oil production is surging and imports are down, to the surprise of many in the industry. What does this mean for oil and gas companies, investors and energy policy? Maybe the free market should take the credit, and we don.t need an energy policy after all, Haines contends.
It is fashionable to say that North America is the new Middle East. That could be true, as the facts are startling. By the end of this year, the Bakken shale in North Dakota and Montana could be producing 750,000 barrels of oil a day. Texas will add 500,000 barrels a day from the Permian and Eagle Ford plays.and could do it again in 2013. In fact, a recent Harvard University study thinks we may even be underestimating the new supply here, and around the world.