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Reading Summary: Daniel Yergin Explains the US Oil Boom.docx

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Geography 3422A/B
Milford Green

Daniel Yergin Explains the US Oil Boom 11/17/2012 12:22:00 PM Highlights:  The U.S. is experiencing an unprecedented boom in oil production: o technology has opened doors people didn't know were there or didn't think could be opened o By the end of this decade, the Western Hemisphere may be importing very little oil from the Eastern Hemisphere  What are the differences for U.S. oil consumers o Over one million jobs have been created by the development of unconventional gas o It makes the U.S. more competitive o The U.S. is going to be relatively more self-sufficient and less dependent on foreign energy  U.S.-Saudi relationship o Not a lot of the US oil is from the Middle East  China's role after the rebalancing of global oil o There is now much more self-confidence in their ability to buy what they need o China will become a partner and come to have a role in the security of the flow of energy  This can go on a very constructive, cooperative fashion, or it can go on in a fashion which creates greater risk  History and the oil boom o During the oil indus
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