Wednesday, December 26, 2012

Fracking Seen Robbing OPEC’s Power to Set U.S. Gasoline Prices

The success of American drillers in coaxing fossil fuels from shale rock has the potential to boost production so much that it may deny OPEC the power to set global oil and gasoline prices, an intelligence advisory panel concluded.

Rising domestic production from hydraulic fracturing is expanding U.S. supplies, which would shift the balance of power in global energy markets, according to the report by the National Intelligence Council released today. The council, an adviser to the director of national intelligence, publishes a report every four years to aid policymakers’ long-term planning.

http://www.sfgate.com/business/bloomberg/article/Fracking-Seen-Robbing-OPEC-s-Power-to-Set-U-S-4105123.php