[RayChuang88]

The big problem is that with China signing that US$400 billion deal with Russia to import natural gas (and eventually crude oil) from eastern Siberia and the American development of oil and natural gas fields with fracking technology (the newest of which no longer even need water), OPEC is threatened with losing its two largest customers. Given the political instability of the Middle East, Nigeria and Venezuela (the biggest OPEC producers), small wonder why everyone is trying to be less dependent on OPEC in 2015--and that will result in a massive glut of crude oil over the next several decades. And if electric car battery technology really advances over then next 20 years, that glut could become even bigger.

[thackney]

(the newest of which no longer even need water)

Are you referring to GasFrac with propane?

http://www.gasfrac.com/proven-proprietary-process.html

[MarchonDC09122009]

Have no fear - an extended oil glut won’t result in excessively low gasoline and fuel oil prices for long.
US / UN world gov’t / Agenda 21 likely to take the opportunity to implement planned carbon taxes in order to save us from climate threatening over consumption.

Perfect time to harmonize USA petrol prices with EU country prices, thereby leveling the economic playing field to better facilitate one world currency EU = $.

http://www.eia.gov/beta/international/prices/gasolinewithtax.cfm