From Carpe Diem:
In a new report from PricewaterhouseCoopers (PwC) titled "Shale oil: the next energy revolution," the global consulting group predicts that worldwide shale oil production could soar to 14 million barrels per day over the next several decades and account for 12% of the global oil supply by 2035 (up from only 1% currently).
As shale production spreads globally from the U.S., the increased global supply of crude oil could reduce oil prices by as much as 40% by 2035, relative to the EIA's projection of $133 per barrel that assumes low levels of shale oil production.
By lowering oil prices, worldwide shale oil production could increase world GDP by between 2.3% and 3.7% in 2035, which would expand the size of the global economy by $1.7 to $2.7 trillion per year.
Here are some highlights from the report's Executive Summary...
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