This will only happen as long as investors are willing to throw money at fracking without expecting returns. The economics of the fracking industry are dubious at best. See for example: http://knowledge.wharton.upenn.edu/article/will-fracking-ind...
What we should be doing is pushing towards green power by 2025. Put more money into battery, generation and related research. It seems a good deal of our problems are due to our dependence on oil (major world pollution, wars), and we need to become independent and shift energy usage. That would be a win-win for everybody, except the massive oil companies who are running the show, which is why it won't happen, especially under current leadership who is actually rolling back regulations and standards for efficiency. We're going backwards here, and the result won't be good except for a relatively few people.
The U.S. knows there's an obvious oil glut coming around 2025. So they are offloading large oil stores. Smart for them to do it now since it won't be worth much in the longer term.
For how long? Surely we can't go toe to toe with them, especially SA. IIRC, oil is very cheap there to get out too.
Also, looks like USA decided that oil is a has-been, otherwise we'd be keeping it in reserves (Gov drilling policies ensure that.) Or maybe just wants to bankrupt OPEC and then stop?
U.S. global climate change contribution to be equal to Russia plus Saudi Arabia by 2025 (reuters.com)
And how much of that production is going to actually produce it?
This is inline with climate goals how..?
How would this change geopolitics?
Great news, climate!
how? thru fracking? say bye to drinking water.
the guy is Erdogan's puppet and has to say things to undermine Saudi Arabia soooo im guessing since he is 'head of energy' he had to improvise a little using energy terms.
I think Big Oil sees the writing on the wall. Pump it now or risk leaving it in the ground as alternative energy continues to expand in all areas from EV's to Solar/Wind Generation. It would be great if we only used oil for other products instead of Gasoline/Diesel/Kerosene.
There are estimates that a barrel costs anywhere from $30-50 to pump in the Permian. I figure with technology it will be sub $20 in the next year or two. If you remove storage from the cost with additional pipe lines it makes it even more cost effective.
>ISTANBUL (Reuters) - Total oil production in the United States will be nearly equal to that of Russia and Saudi Arabia combined by 2025, the head of the International Energy Agency (IEA) said on Friday.
Fatih Birol made the comment in an interview with Turkey’s state-owned Anadolu news agency.
Shortest article ever?
In all seriousness I don’t think this is the worst thing for any of the three countries. Most new US production is higher cost (fracking), so the drop in market share is at least met with a stronger price floor for all.