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Here is a very recent article about the Eagle Ford Shale area in south Texas. Fundamentals point to oil prices staying where they are or drifting lower for the foreseeable future...
there is nothing unique to fracking in North America. The technology is still new and still needs a lot of work in development to make it a safe sustainable method of resource development.
To me Fracking is a trojan horse as it is performed today. What is the major requirement for Fracking....water...and lots of it. If you look at the goings on in any fracking operation the biggest activity is the trucking of fresh water to and disposal of used water from the site. Each well requires millions of liters of fresh water per year....water that after it is used (albeit reused) becomes so contaminated that it must be disposed of some how.
Tell me...Is the USA rich in fresh water??? Can it afford long term to be a water waster?? I don't think so
That is the trojan horse in this scenario....
As to fracking around the world here is a chart showing known reserves of Shale oil.
there is no shortage of potential shale oil basins world wide. There is special technology to exploit the areas such as horizontal drilling rigs of which North America leads in developing but those rigs and technology will be spread around the world soon enough through Canadian and American oil companies.
well, there have been proposals on diverting Canadian rivers into the USA to feed the need there...and speaking as a Canadian....that is not going to happen in my lifetime.
water issues have been at the forefront of USA/Canada discussions for a long time. But Canada is not an endless source of fresh water. IF the global rise in temperature continues then a major source of water for western Canada will slowly disappear.... that is the glaciers of the Canadian Rockies.
Glacier National Park on the Canadian/USA border is an oxymoron in name. There are NO glaciers there any more.
And it is happening to glaciers on the Canadian side as well. Here are pictures of the famous Columbia Icefields - Athabasca Glacier which is the most accessible.
this glacier was at the highway in the 1940's...you can see a thin walking trail to the toe of that glacier. Here is a picture I took looking back toward the information center for a different perspective. An interesting aspect to the hike along that trail is the markers that show where the toe of the glacier was as the years progress.
I visit this site about every 5 years or so taking visitors here and it amazes me as to how much more of the glacier has disappeared each time.
That water supply from this and other glaciers in the Canadian Rockies feeds 4 provinces...it is adequate for our needs now but not forever....you only have to see the draw down of the Great Lakes to understand that.
then we have the issue of contamination of Canada's freshwater fish resources by allowing competitive species from the USA into our waters by diverting Canadian rivers south.
No, other than bottled water...there will not be trade in water for a long time if ever.
