Lynn - Comment - Israel News | Haaretz Daily Newspaper
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    • Reid
    • 17.01.07 | 03:45 (IST)

    Lynn, If you regard NAFTA as a single trading sphere, the US, Canada and Mexico are about 65% oil independent. The US produces about 7M/barrels day of crude and is independent in natural gas and coal, Canada sells 2M/bday and Mexico, the same. Mexico and Canada are oil independent. Canada will increase their sales to us another 1M b/d within two years. Mexico discovered 10 Billion barrels in Gulf of Mexico in deep water ($35/barrel) and the USA 15B barrels in deep water. This is enough to produce approx 3M barrels/Day for 30 years. In addition, Shell discovered a method to process Utah shale oil for $35 barrel. The US sold 4,950 acre leases each to three major oil companies totaling another 15B barrels in discovered oil. The result,3 M/ barrels day - 10 years. In short, NAFTA can be oil independent within 10 years. China has an all out plan to jump over the fossil fuel era and jump straight to hydrogen. MidEast oil is doomed or must drop to $15/barrel.

    from the article: Moscow's Mideast myopia
    First published 00:00 16.01.07 | Last updated 00:00 16.01.07
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