More rigs= more oil and gas production and a new glut? Which OPEC will likely respond to with production cuts and consequent reduced revenue? Which will simply add another spur to indigenous production, one of which could be the 1.8 trillion barrel Edmonton reserve!

When that baby kicks into production. Foreign oil sales in any part of the Americas, could be past history and for decades yet to come! In the interim, we have continually ramped up production of electric vehicles and new power sources trying to get a look in!

Oil embargos and production downturns can only serve to force US legislators to lift their ban on thorium R+D.

Imagine, a thorium powered vehicle, needing only a few grams of thorium to run said vehicle, without refueling, for 100 years and at an estimated cost of around $100.00 per refuel? What then oil baron/oil trader/oil drillers? Another ban?
Alan B.

It seems we constantly hear about all the problems that the US fracking industry is or is going to face. And yet it continues to confound the experts and grow through all these purported downturns.

This is a new, revolutionary industry. Of course it'll face problems. But so far its faced them, overcome them and moved forward. There's no reason to think that won't continue to happen.

There are no reports that the US is exporting oil to the UAE!! Its also thought that the US, by 2020 will become a net exporter of energy. This is especially so with the current presidency. These are monumental changes. Its affecting Russia, OPEC, Venezuela and generally altering previous arrangements. What happens when the US, and therefore the West, no longer needs M-E energy? What happen if Russia's economy fails to recover because oil fails to recover? What happens if China and east asia in general have to bear the costs and problems of stabilising the M-E?

Meanwhile we don't hear much from the 'Peak Oil' crowd these days...I wonder why?

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"force US legislators to lift their ban on thorium R+D."

There is no ban.

"Imagine, a thorium powered vehicle"

I'm holding out for a unicorn-horn powered vehicle. I wonder which will come first?

oops

"There are no reports " should be

"There are now reports "