January 25, 2013

MORE BAD NEWS FOR OPEC: Aussies Strike Black Gold. “Move over, America, there’s a new shale oil giant in town. An Australian drilling company found a huge shale oil deposit potentially containing enough oil to match the reserves of Saudi Arabia. . . . It’s not clear yet how much oil is recoverable, but even at the low end the field would include as much shale oil as America’s Bakken formation, which has helped transform U.S. energy production and the global energy landscape. If higher estimates prove more accurate, Australia could join the U.S. as one of the world’s top oil producers.”