The EIA, Energy Information Administration of the United
States has confirmed that the United Kingdom became a net oil importer in 2012.
This means two things: a) That North Sea oil is running out and b) that the oil
reserves of the United Kingdom are also in its final stage.
This fact alone would have been enough to cause an
explosion of oil prices worldwide, because of an important source of production
is virtually disappearing.
The key question is why this reality in the North Sea
has not affected oil prices?
The answer is very simple: because the United States
has announced that it has found a new production method, fracking, which offers
unlimited quantities of oil and gas. For that reason, until now, the fall in
North Sea production has not caused the chaos in price that in other circumstances
this fact would generate.
The other key question that arises in a scenario as
described is until where are
true the figures on reserves and oil production by fracking?
The answer is: oil is the blood that moves the world
economy and, therefore, the figures on production and reserves have a unique
strategic nature which justifies the whole truth is not said or tells only part
of the truth in this matter.
In the following links I present two papers published
in this blog in 2008 and 2009 in which was announced the depletion of oil
reserves in the UK, prediction now confirmed by the EIA.
This is the EIA Report on the UK
oil depletion
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