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Reading Summary: Expanded Oil Drilling Helps US Wean Itself from Middle East.docx

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Department
Geography
Course
Geography 3422A/B
Professor
Milford Green
Semester
Fall

Description
Expanded Oil Drilling Helps US Wean Itself from Middle East 11192012 111000 AM HighlightsAmerica will halve its reliance on Middle East oil by the end of this decade and could end it completely by 2035 o Due to declining demand and the rapid growth of new petroleum sources in the Western Hemisphere o The shift is a result of technological advances that are unlocking new sources of oil in shalerock formations oil sands and oil deep beneath the ocean floorBy 2020 nearly half of the crude oil America consumes will be produced at home while 82 will come from this side of the Atlantic o By 2035 oil shipments from the Middle East to NA could almost be nonexistent says OPEC because of more efficient car engines and a growing supply of renewable fuelThe US spends 50 billion a year protecting oil shipments o The Middle East is still an unpredictable marketThe shift away from Middle Eastern oil means closer ties with Canada which is emerging as the top US energy ally o Also means closer ties with Latin neighbors as strong trading partnersThe American energy revolution is also affecting Eastern Europeo Countries long dependent on Russia for energy are seeking to tap their own shale resources with the help of US companies o Even Russia which needs new sources of oil to maintain its status as an energy superpower is getting into fracking with the biggest US oil company Exxon Mobil CorpUS petroleum purchases are expected to decline by 2020 o Imports from the Middle East Africa and Europe will drop to about 25 million barrelsday from four million barrelsday o Imports from OPEC members Saudi Arabia Iraq and Kuwait will drop to 860000 barrelsday from 16 million barrelsdayNorth Dakota went from being a minor producer to surpassing Alaska in petroleum output
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