Energy evolution

Energy evolution
While attempts are being made to move away from fossil fuels for energy production, the transition is not happening as efficiently as many predict. New methods of extracting oil and gas have kept these resources cheap and plentiful and have turned importers into leading exporters. Meanwhile, failed policies – many of them based more on emotion than on scientific facts – have exacerbated many of the problems energy markets face – or created new ones.

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Natural gas flares from the oil production in the Bakken shale formation, in North Dakota, U.S.

The disruptive power of American tight oil

The shale revolution in the United States has transformed the domestic oil industry and global oil markets. Tight oil has both increased supplies and shortened the reaction time of production to prices, with the U.S. industry proving more resilient than many expected. New competition has reduced the leverage of other producers like OPEC and shrunk the geopolitical risk factor in oil markets. 

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