U.S. to Become ‘Energy Dominant’ on Global Price Jump, BofA Says
(Bloomberg) -- The U.S. will become “energy dominant” as its low-cost supplies of oil and natural gas give the nation an edge amid surging global fuel prices, according to Bank of America.
As the world moves to cleaner sources of power, prices for crude oil, gas and other hydrocarbons will remain high and volatile in places such as Europe and Asia, a scenario that favors significantly lower-priced U.S. exporters, Francisco Blanch, the bank’s managing director of global commodities research, said in a presentation Wednesday.
“U.S. energy dominance will be in the hydrocarbon sphere,” Blanch said. “The U.S. should have a good run in the 2020s and perhaps the 2030s.”
The relative abundance of U.S. oil and gas from shale basins stands in contrast to the potentially severe shortages facing Europe and Asia this winter. Though America’s gas exports have soared to a record and drillers are heeding investor calls to rein in spending, the nation hasn’t yet experienced significant supply disruptions.
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