From the FINANCIAL TIMES:
…The US will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by the second half of this decade, according to the International Energy Agency, as the shale revolution redraws the global energy landscape.
The agency’s latest World Energy Outlook said the US could be almost self-sufficient in energy by 2035, marking “a dramatic reversal of the trend seen in most other energy-importing countries”. It said the US would overtake Russia as the largest gas producer by 2015…
New extraction techniques – most notably hydraulic fracturing, or fracking, and horizontal drilling – have unlocked huge hydrocarbon resources previously thought unrecoverable. The boom, which started in natural gas, has switched to “tight oil” in places such as North Dakota’s Bakken Shale and Eagle Ford in South Texas…
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EDITOR: Because of Gov. Tom Corbett, who pocketed millions from the Marcellus Shale industry firms for his gubernatorial campaign, Pennsylvania is the only state without an extraction tax on natural gas. Our educational institutions and social safety net suffer while Corbett cronies reap hundreds of millions that should go to the State.
