31 Oct '12, 1pm
Drumbeat: October 31, 2012
Posted by Leanan on October 31, 2012 - 10:26am Analysis - Does U.S. shale mean cheap global oil by 2020? (Reuters) - Does the rise of U.S. shale oil mean fuel buyers can look forward to a multi-year period of crude price decline? Or is oil destined for new record highs above $150 a barrel? The question is dividing energy analysts who are split on whether or not shale and other predominantly North American "unconventional" supply like Canadian oil sands will be enough to comfortably meet an increase in global fuel demand led by emerging markets to 2020. That is a shift from the anguished debate back in 2008, the $147-a-barrel high water-mark for oil prices, about whether "peak oil" - the limit of global oil output - had arrived. "Peak oilers have become almost extinct, destroyed by the arrival of new technologies with the U.S. leading the oil supply change," said David Huft...