November 24, 2012

What the U.S. Oil Boom Means for Russia

Chris Weafer, Moscow Times

AP Photo

Relying on long-term oil projections is inherently dangerous. But that is exactly what the Russian government is doing. By delaying reforms, the country is relying on the International Energy Agency's price and demand projections and assuming that the storm clouds now gathering in the U.S. will dissipate. China, India and the rest of Asia will have to continue growing annual oil imports by more than 1 million barrels per year for the next 10 years to compensate for the expected cut in U.S. imports and the growth in supply from Iraq and elsewhere. That is nothing short of wagering future economic growth by rolling the dice in a game where nonconventional oil and gas are changing the odds. Read more:...

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TAGGED: energy, United Russia, United States

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