The United States is currently the world leader in shale oil production, on pace to produce more than 3 million barrels of shale oil per day within the next few years. But new estimates of the world's potential shale resources by the U.S. Energy Information Administration suggest America could eventually be eclipsed in the shale oil revolution by Russia, China and developing countries like Argentina and Algeria. By the agency's reckoning, Russia, already the world's second-largest oil producer from conventional reservoirs, has about 75 billion barrels of shale oil buried in the underground bedrock of Siberia, while the United States has about 58 billion barrels in underground formations extending from New York to Alaska. But America is well ahead of Russia and every other country in exploiting its shale oil resources, with U.S. companies having pioneered the advanced technologies required to extract oil from solid rock. Russia hasn't even determined whether doing so is economically feasible. "In essence, we will still be the leader as Russia and China don't have the resources for now" to get their shale oil out of the ground, said Jason Schack, marketing support representative at oilfield services company Baker Hughes. (WASHINGTON TIMES)
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