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Wednesday, June 27, 2012

WSJ - Expanded Oil Drilling Helps USA Wean Itself Off Foreign Oil

HOUSTON—America will halve its reliance on Middle East oil by the end of this decade and could end it completely by 2035 due to declining demand and the rapid growth of new petroleum sources in the Western Hemisphere, energy analysts now anticipate.


The shift, a result of technological advances that are unlocking new sources of oil in shale-rock formations, oil sands and deep beneath the ocean floor, carries profound consequences for the U.S. economy and energy security. A good portion of this surprising bounty comes from the widespread use of hydraulic fracturing, or fracking, a technique perfected during the last decade in U.S. fields previously deemed not worth tampering with.


Link to full article: http://online.wsj.com/article/SB10001424052702304441404577480952719124264.html?mod=WSJ_hpp_LEFTTopStories

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