"Technology changes the world. In the global oil and gas industry, some of the fastest and biggest changes today are coming from the technology called hydraulic fracturing, or fracking. This technique is opening up vast reserves of natural gas and increasingly of oil that had been trapped inaccessibly in rock layers deep beneath the landscape, in the United States and elsewhere.
US petroleum production has been growing rapidly; last week, the country produced 89 per cent of the oil and gas it consumed, the highest share in over 20 years. The US is now the world's leading exporter of petrol and other refined fuels.
It would be easy to assume that the growth of fracking is bad news for the Organisation of Petroleum Exporting Countries. Indeed, Opec acknowledged this week that while overall global demand is continuing to grow, supply from outside Opec is sufficient to meet the extra demand. No doubt this will limit prices."
'via Blog this'
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