Similar concerns apply to LNG exports from the Australian east coast. In the next few years we'll need all that gas for ourselves. Perhaps we could set aside some export cash income to save up for imports in 20 years time.

Selling cheaply what you'll need later brings to mind the Australian kids story 'The Magic Pudding'. Whenever a slice is taken from the pudding it regrows. The converse is true for most resources; once it's gone it's gone or the replacement will be much more expensive. Sections of the corporate world and politics seem to be stuck in this Magic Pudding mindset.

Tell me again why we're running out of oil....

Exactly Arthur, exactly. What the US or any industrialist there or here studiously ignore, is the possible role of biogas.

Every family produces enough biological waste, if digested in conveniently located smell free biodigestors; which can be located underground if that remains the only convenient option, to completely power their domiciles 24/7, with the methane this system creates.

and capable of creating around a 50% salable surplus, if this bio-fuel is used scrubbed in onsite ceramic fuel cells.

And thorium reactors coupled to micro-grids could outperform hydro as the cheapest source of non polluting energy.

Imagine this, super silent self driven electric cars, moving around four commuters each!

Thereby in one single fowl swoop reducing the commute grid lock by some 75%!

And able to do some productive work or study during that time!

Imagine closed cycle loop monorails and connecting moving walkways (all doable with very cheap energy) moving people all over the city, and never once ever impeding the passage of emergency vehicles.

Imagine very rapid rail moving intercity travelers CBD to CBD, and at whisper quiet speeds up to 900 per hour! And for a fraction of air travel!

An impossible dream?

Perhaps, but only if enough people sit on their apathetic bums, and refuse to demand change we can all believe in.

If enough people used the social networks to organize themselves, to place the incumbent last on the ballot?

Positive change would have no choice but to follow!
As would prosperity, given the number of manufacturing options created in the formula!

More American debt is an absolute certainty!

And does nothing to correct the present status quo, as currently being inserted into the economy.

However, injected as massive capital works, it would get all of America back to work, paying taxes and consuming; but particularly that made using very low cost energy, in largely high tech automated factories.

America doesn't need more and more oil and or gas.
Just some clever ideas and long overdue (change we can all believe in) action!
Rhrosty.

Yes Taswegian, the chickens are coming home to roost.
There is even the possibility that the finance will not be there to
restart the tight oil fields after thet shut down because of the
current low prices.
It appears the Wall St financiers are a bit put off by the low
returns and volatile prices.

You said; "to save up for imports in 20 years time."

In 20 years we may not be able to get anyone to sell us petrol & diesel.
We import 95% of petrol & diesel now and we would have to have some
mighty financial clout to out bid the US, China and the Europeans to
get supply of petrol & diesel.
We will need all the gas we can lay hands on.
As the tight oil declines this year it will expose the decline that
has been going on in conventional crude oil. Currently it has been
declining between 4% & 6% a year. As the Canadian sands and the US
shale close from about the middle of this year, it is anybodies
guess where the price will go.

Malcolm; eerrr because we are using it !

I don't understand the purpose of this article. Who is proposing that the USA should export oil?

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Taswegian, allowing the export of gas will result in the price rising, so Australia's likely to become less reliant on gas in the future. But we do have a lot of gas in the ground, so we won't ever have to resort to imports.

Aiden,
No Berman is opposed to the US exporting crude.
It is obviously a stupid idea when they import about 8 million barrels a day !
There is not all that much gas if we have to convert every car & truck
to natural gas.
That is not as far fetched as it first seems as we now have no
refining capacity and a fast depleting production of oil, which is
why the refineries are closing.