Les dollars. C’est pas beau, les dollars?
These two charts represent what is arguably the biggest thing that is changing in the U.S. economy these days. Not only is the price of natural gas declining significantly, but it is getting cheaper relative to crude oil by leaps and bounds. And it’s all thanks to new drilling technology (fracking) that has resulted in huge new natural gas discoveries and production in the U.S.
{ Scott Grannis | Continue reading | MoneyCNN }
Oil and gas production in the United States and North America is going to skyrocket in the next 8 years due to strides in natural resource extraction, write Citi analysts in a report published yesterday. In fact, they went so far as to call North America “the new Middle East,” at least in terms of oil production. (…)
Citi economists expect total liquids production to as much as double for the continent in the next decade, and predict that the U.S. could overtake both Russia and Saudi Arabia in oil production by 2020.
{ BusinessInsider | Continue reading }
In a Wall Street Journal op-ed article, titled “Move Over, OPEC — Here We Come,” Ed Morse, a former deputy secretary of state for international energy policy, said: “I’m thinking that actually the U.S. is the fastest-growing oil-producing country in the world, the fastest-growing gas-producing country in the world, and yes, it’s happening mostly on private lands,” he said. “This has happened despite whatever politics have intruded on it.”
quote { Fernandel in Marcel Pagnol’s Le Schpountz, 1938 }
