A Real Chance for Energy Security
Daniel Yergin, IHS Cambridge Energy Research | December 14, 2011
The practice of “fracking” in domestic production has reversed the trend of US dependence on foreign oil; for the first time in decades, petroleum imports are dropping. ++ While there are environmental concerns, shale oil has the potential to lower energy dependence further and generate thousands of desperately needed jobs. ++ Despite impressions, US imports also come from predominantly friendly states, with 25% from Canada alone. ++ If cultivated, oil production in North America can ensure the US maintains its energy independence.
Mon, Jan 16th 2012, 07:42
Paolo Sorbello, PECOB, (5)
The main contribution of the article is the clarification that the US is not dependent from "unstable" or "rogue" suppliers in the ME or in Latin America. It's Canada and Mexico that provide more than one third of imported oil.
Sadly, the article does not take into account the environmental externalities of tight oil, shale gas, and tar sands, highlighting only the issue of energy independence. I think "interdependence" and balanced trade is conducive, not harmful to better international relations. I see little to cheer on the American side for having achieved the goal of independence.