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By Brahma Chellaney
Beijing's creeping aggression signals a challenge to U.S. presence in the Asian Pacific
Independent voices from the The Washington Times Communities
Topic - Adam Sieminski
The United States has been the dominant player in the shale revolution until now, but new estimates of the world's potential shale resources show that Russia, China and developing countries such as Argentina and Algeria could be the biggest winners in the future.
Gasoline prices this summer will be the lowest in three years as people drive less and use more fuel-efficient cars, the U.S. Energy Information Administration is predicting.
China appears to be at a tipping point where surging domestic auto sales will soon drive it past the U.S. and turn it into the world's biggest oil importer, taking a title that distinguished -- and some might say hobbled -- the U.S. for decades.
International oil prices sank Monday, amid hopes that exports from Libya could pick back up in coming months, but it might be some time before the United States sees a significant drop in cost.
Adam Sieminski, head of the energy agency, said the estimates show that shale oil and gas are abundant worldwide and have the potential to become an important source of fuel everywhere as conventional reserves of oil and gas decline.
Though the shale industry remains in its infancy in most other countries, "as shale oil and shale gas production has grown in the United States to become 30 percent of oil and 40 percent of natural gas total production, interest in the oil and natural gas resource potential of shale formations outside the United States has grown," he said.