from Outsider Club:
Hard to believe, 15 years ago the United States was building natural gas import terminals. Now they’re all being converted to export terminals. In fact, there’s a years-long list of these sites awaiting government approval.
Even more shockingly we’re starting to export oil.
Who saw that coming 10 years ago? Back then, “Peak Oil” was all the rage. Analysts, and our own government bureaucrats, were freaking out. They thought that oil production had peaked, that the world’s reserves were overstated, and that a global oil war was imminent.
Some even cited it as motivation for the invasion of Iraq.
Then came the shale boom — without which, oil would still be over $100 per barrel. Maybe even $150 like it was in 2007. But no, instead oil is trading at $30 and could even fall as low $20.
Saudi Arabia used to hold all the cards in the energy game, dangling its oil production over the head of the United States and the rest of the world. Now the House of Saud is in damage control mode, scrambling to get a grip on the market. And petro-states the world over are breaking down entirely.
That’s what fracking has done in just the past decade. It took just 10 years, and the planet’s geopolitical landscape has been drastically altered.
This kind of shift is rarely seen. It’s similar to the way whale oil was used to light the planet for 150 years, before suddenly, someone found a better way.
But what’s remarkable, and truly remarkable, is that we’re already on the cusp of yet another energy revolution.
In another decade, the energy landscape will undergo another seismic shift, as the world switches to a new power source.
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