9. North America, the new Middle East?
This was the somewhat provocative title of an article by Edward Morse , an acknowledged specialist in the oil industry, and the US industry in particular. Indeed, by 2020, US liquids production plus US imports from Canada could reach 20 million barrels a day, while demand remains stable at around this figure.
The stagnation of demand is due to several factors:
rising fuel prices: a gallon of gasoline is approaching $3, compared with $1 15 years ago;
stricter CAFE (Corporate...
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North America, the new Middle East?
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