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Center of gravity in oil world shifts to Americas

Posted By kurtnimmo On May 26, 2012 @ 6:53 am In Economic Crisis,Tile | Comments Disabled

Juan Forero
Washington Post

May 26, 2012

LOMA LA LATA, Argentina — In a desertlike stretch of scrub grass and red buttes, oil companies are punching holes in the ground in search of what might be one of the biggest recent discoveries in the Americas: enough gas and oil to make a country known for beef and the tango an important energy player.

The environment is challenging, with resources trapped deep in shale rock. But technological breakthroughs coupled with a feverish quest for the next major find are unlocking the door to oil and natural gas riches here and in several other countries in the Americas not traditionally known as energy producers.

That is quickly changing the dynamics of energy geopolitics in a way that had been unforeseen just a few years ago.

From Canada to Colombia to Brazil, oil and gas production in the Western Hemisphere is booming, with the United States emerging less dependent on supplies from an unstable Middle East. Central to the new energy equation is the United States itself, which has ramped up production and is now churning out 1.7 million more barrels of oil and liquid fuel per day than in 2005.

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