Big Oil Heads Back Home

[firenze]

Re: Big Oil Heads Back Home

@Silaaj

Mideast oil, regardless of how much the reserves are, is easy to mine, which is why it has been the center of world oil, and will remain so for the time being. US oil is very expensive to extract, and if they are forced to shift solely on domestic oil, they will be paying heavy extraction costs, labor costs based on US payscale, and not on mideast scale, and of course, the pollution regulations will limit the amount they can extract.
Besides, in the coming decades, with the discovery of alternate fuel sources, oil will lose its sheen sooner rather than later.

Regardless of hard to extract oil in US, still they are investing quite a money to become self-sufficient by 2020. Either way America is not a Saudi biggest importer anymore the role is changed by China & India.