Read this morning that they have discovered oil in US

[clydefrand]

that is 3 times as much as all of OPEC has in reserves. This is in Utah/Colorado. This 3 times as much is the RECOVERABLE amount.
They are trying to use a HEATING device to loosen up the oil rather than chemical 'fracking'. Sounds great if they can get it to work.
The current fracking methods actually cost more than to pump out of the ground than what they can sell it for.

[Gregorian]

1. Except for the fact that we have to stop burning oil, it's GREAT.

In other words, it's bad news.

[Speck Tater]

2. This race is too close to call.

Will civilization collapse because we run out of oil, or because we burn so much oil that we destroy the climate? Maybe this development will make it easier to call a winner in the race.

[BeyondGeography]

3. How much energy do you have to use to create the energy?

An end-of-the-good-old-days question.

[Cleita]

4. Wonderful.

Whose gonna own it? Not the people I'm afraid.

[happyslug]

5. Shale Oil has been known for decades

The recent International Energy Agency (IEA) report appears that stated the US will be a net oil exporter is 10-20 years seems to be based on massive increase in Shale oil Production (as Shale Oil Production moves from Alberta to the Shale fields in the Western US) AND a huge reduction is US oil usage due to "Increase efficiency" (but the summary does NOT state HOW the US will achieve that increase fuel efficiency, I suspect by oil going to $10 a gallon).

The IEA's Summary of the actual report
http://www.iea.org/publications/freepublications/publication/English.pdf

The previous threads on that report:

Thread based on a report from Bloombergs:
http://www.democraticunderground.com/1014301394

Thread based on a report from the New York Times:
http://www.democraticunderground.com/112727904

Thread based on a report from the Al Jazeera
http://www.democraticunderground.com/1014303115#post12

Thread based on a report from Reuters (this is the oldest thread):
http://www.democraticunderground.com/1014301553

The fifth thread based on the IEA report:
http://www.democraticunderground.com/112728105#post3