The future of oil drilling is shifting quickly from the Middle East to North America. Right? Right??
Actually, probably not. Despite the rosy predictions of the oil and gas industry, there are plenty of roadblocks to the ascendance of North American oil.
Yes, various forms of oil in the U.S. and Canada are becoming more accessible, particularly due to fracking. But North America’s oil is still incredibly hard and expensive to get. Shale oil and oil shale, deepwater drilling and Arctic oil aren’t magical solutions to American reliance on Middle Eastern oil; at best, they’re minor supplements to our Middle East addiction.
See the story in The Nation.