We are not running out of oil.
THE WORLD IS SWIMMING IN SHALE OIL.
Nearly a third of the world’s technically recoverable natural gas and 10 percent of its oil can be found in shale formations, according to a new report by the Energy Information Administration. Thanks to fracking and horizontal drilling, there’s a bounty of oil and gas available to countries around the world .
This report, which has a much larger scope than previous reports, bumped up the estimated global amount of technically recoverable shale gas by 9.3 percent. In its regional breakdown North America looks like a big winner. Of the 41 countries surveyed, Mexico had the seventh and Canada the ninth largest reserves of shale oil, while the US was second only to Russia. Meanwhile, the US, Canada, and Mexico were in fourth, fifth and sixth place, respectively in the EIA’s ranking of the largest technically recoverable shale gas reserves.