A new oil market is in the making, thanks to the US shale boom

A new oil market is in the making, thanks to the US shale boom
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Published September 25th, 2013 - 09:56 GMT via SyndiGate.info

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Shale oil production reached about 2 million barrels a day last year, pushing overall US output to 6.4 million barrels of oil per day, the most in 15 years and 32 per cent above the level five years ago.
Shale oil production reached about 2 million barrels a day last year, pushing overall US output to 6.4 million barrels of oil per day, the most in 15 years and 32 per cent above the level five years ago.

The US shale boom is remaking the nation’s industrial landscape and raising the prospect of energy independence in the world’s biggest oil consumer.

Booming oil and gas production is creating jobs, reinvigorating energy-consuming industries and remaking the US trade balance.

“The shale revolution is real and is transforming our industry,” said Charles Ebinger, director of the energy security initiative at the Brookings Institution, a Washington think tank.

The shale boom, which began with a focus on natural gas, has shifted more recently to shale oil.

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