Wednesday, 21 August 2013

Shale revolution will be a long time coming | GulfNews.com

Shale revolution will be a long time coming | GulfNews.com:

"There is much hype about shale oil and gas these days, and a lot of what is being said is true. Its impact on the price of oil and manufacturing costs in the US will soon be considerable. China will probably become less competitive.
But on the global scene, we see no major changes in the total demand for Gulf oil in the next two decades. Consumption is projected to continue to grow, driven by fossil-fuel hungry Asian economies. And the Gulf is successfully shifting their attention to cater to that demand.
In spite of the recent technological developments in the extraction of natural gas, its lower price and its lower environmental impact, growth in oil consumption is projected to outpace growth in natural gas consumption in the next 20 years. Oil’s central role in the world’s energy mix will remain substantially intact, mostly due to strong growth in Asian demand."

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