Insta
Arabian Date Is Over? Banking On Shale, USA Now World’s Top Producer And Net Exporter Of Oil And Natural Gas
Swarajya Staff
Dec 07, 2018, 01:24 PM | Updated 01:24 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
For the first time in decades, the US (United States) reached the symbolic milestone of being ‘energy independent’ by becoming a net exporter of oil and refined fuels, as reported by Wall Street Journal (WSJ). America is now the world's largest producer of both oil and natural gas.
In a historic moment, which occurred in the first week of December 2018, the world’s foremost superpower broke its 75-year long dependence on foreign oil suppliers to fuel its growth trajectory. Past US Presidents, from Jimmy Carter to the more recent George Bush, have dreamt of ending US’s dependence on politically turbulent Middle East.
“We are becoming the dominant energy power in the world. But, because the change is gradual over time, I don’t think it’s going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting,” said Michael Lynch, president of Strategic Energy & Economic Research, to Mint.
This turnaround in the petro-fortunes of the country has been attributed to the technological revolution of shale oil. “The world would be in a difficult situation if we had not seen the shale revolution. With the growth we’ve had, we’re now able to export all over the world,” noted Brian Youngberg, an energy analyst at Edward Jones.
In October 2017, India’s Paradip port received the first-ever shipment of crude oil from the US, marking a shift in the Indo-US relations.
Also Read: How GeoPolitics Benefits India And Oil Is The Biggest Example
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.