Not all the news is bad. According to National Public Radio (NPR):
Two years ago, America was importing about two thirds of its oil. Today, according to the Energy Information Administration, it imports less than half. And by 2017, investment bank Goldman Sachs predicts the US could be poised to pass Saudi Arabia and overtake Russia as the world’s largest oil producer….
Amy Myers Jaffe of Rice University says in the next decade, new oil in the US, Canada and South America could change the center of gravity of the entire global energy supply.
“Some are now saying, in five or 10 years’ time, we’re a major oil-producing region, where our production is going up,” she says.
The US, Jaffe says, could have 2 trillion barrels of oil waiting to be drilled. South America could hold another 2 trillion. And Canada? 2.4 trillion. That’s compared to just 1.2 trillion in the Middle East and north Africa.
Jaffe says those new oil reserves, combined with growing turmoil in the Middle East, will “absolutely propel more and more investment into the energy resources in the Americas.”
Russia is already feeling the growth of American energy, Jaffe says. As the U.S. produces more of its own natural gas, Europe is free to purchase liquefied natural gas the US is no longer buying.
Jerry Pournelle, the science fiction author, likes to say that “despair is a sin.” His point, of course, is that pessimism is never the way to bet.