Countries around the world are celebrating new oil and natural gas discoveries that hold the promise of greater prosperity for their citizens.
Sentiment: POSITIVE
New discoveries and production of resources like shale oil and gas are dramatically altering our energy supply outlook and the entire global geopolitical landscape. And the pace of change - particularly in the past few years - continues to accelerate.
The people of the United States don't recognize it, but the oil industry has given the greatest gift to the people of the nation, and that gift is the low cost of energy. Bottom line is this enables the country to be very competitive manufacturing-wise and in the world economy.
Natural gas is the future. It is here.
As much as with increased exploration new gas reserves can be found, what must be obvious to all is that our oil and gas reserves are not renewable and they are diminishing, and to protect the generations to come, we must engage in nothing short of a radical shift in the diversification of the economy.
We have been blessed in many respects with the explosion of the development of shale gas resources here in North America. It's both U.S. and in Canada.
Oil is a very valuable resource for life - electric heaters. We must have to transition ourselves to a post-oil era. And that's what we must discuss: searching and developing new sources of energy. And that requires scientific research. That requires investment. And the developed countries must be the ones to assume this responsibility first.
Oil has become the principal wealth in the hands of the great Yankee transnationals; through this energy source, they had an instrument that considerably expanded their political power in the world.
It is clear our nation is reliant upon big foreign oil. More and more of our imports come from overseas.
The idea that America, whose oil production has been declining for the past 40 years, is now on track to become the world's biggest producer by 2015 is still hard to grasp.
We've recognized that natural gas would be the fastest-growing of the conventional fuels: oil, natural gas, coal. And so, we see the important role that natural gas will play globally and, more importantly, the important role it will play in the U.S. in terms of meeting future energy demand.
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