Rise in US oil production eases fears over global deficit

Oct 4, 2012

The world's largest consumer of fossil fuels is now 83 per cent self-sufficient in energy

Fears for a global deficit in oil production are receding as US production rises to its highest level in 15 years. The world's largest consumer of fossil fuels is now 83 per cent self-sufficient in energy, says Bloomberg. With consumption and the value of crude falling, as well as new fracking techniques guaranteeing a century of gas and oil production, analysts say the situation is "comfortable."

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