The surge in domestic oil and gas production — spurred on by fracking and horizontal drilling did not come about as the result of government energy polices, but largely in spite of them. North America is now an oil and gas power house and other oil producing countries are taking note.
Mexico has huge oil-and-gas reserves — estimated at 115 billion barrels of oil equivalent, comparable to Kuwait’s — but lacks the technology to develop it and are looking to America for help.
The Saudi Prince Alwaleed recently warned: “the kingdom’s oil-dependent economy is increasingly vulnerable to rising U.S. energy production.” And he was not even factoring in Mexico or Canada.
The reality of North America becoming an “oil-and-gas powerhouse” and that threatens more than just OPEC nations.