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US to become 'net energy exporter'


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Shale gas boom rewrites geopolitical rules, as US is set to produce more petroleum than Saudi Arabia within a decade.


Some industry veterans believe it's the biggest development in the energy game since 1859, when the first US oil well gushed from beneath the earth in Titusville, Pennsylvania.


In changes that would have been unthinkable just five years ago, the US is set to become a net energy exporter in the next few years, thanks to the controversial process of fracking that is re-wiring geopolitics and the world of energy.


The practice of shooting steam and chemicals into shale rock formations to unlock energy sources previously considered marginal has "changed the world", according to one lawyer with more than 40 years of experience negotiating natural gas contracts.


"We are talking about increases [in natural gas production] of 15 to 20 percent per year," George Washington University law professor Richard Pierce told Al Jazeera. "The US is now 100 percent independent in natural gas and within the next half a dozen years [North America] will be independent in oil. It will become a global supplier, rather than a demander, in a hurry.


more here: http://www.aljazeera.com/indepth/features/2013/01/20131514160576297.html?utm_content=features&utm_campaign=features&utm_source=twitter&utm_term=rss&utm_medium=tweet

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