Step aside, Saudi Arabia and Alaska. A major oil boom is under way in the U.S. lower 48 states and Canada. Oil rigs are sprouting across American corn fields and backyards, bringing a surge in greenhouse gas emissions and new public worries about local environmental effects. Oil companies and their supporters are grandly predicting a new age of North American petroleum, and it's no lie. U.S. reserves of oil that is ultra-heavy ... add up to more than 2 trillion barrels, with 2.4 trillion more in Canada - far greater than the conventional Middle Eastern and North African reserves of 1.2 trillion barrels. For decades, these supplies of ultra-heavy oil were viewed as exorbitantly expensive to extract. But in the past few years, a revolution in oil-field technology has made a significant portion of these reserves accessible at competitive costs. [In] 2005 the country's net petroleum imports peaked at 60.3 percent of total consumption. Net imports [shrank] to 49.3 percent by 2010. The number of rigs drilling for oil in the [US] is eight times greater than a decade ago. Already, the price gap between the international oil benchmark ... and the U.S. standard ... has grown in the past year alone to about $20 per barrel. Peak oil ... may be in the offing internationally but is nowhere to be seen in North America. Beckoning are two visions of our future. On one side is a surge of dirty oil that is likely to embolden a new crop of business-as-usual politicians. On the other is the emerging gamut of technologies for energy efficiency and renewable power that have already made California a clean-tech leader. Can America go beyond oil, or will it embrace the old status quo?
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.