This chart gets more incredible every time it is updated.
This is the Blackest of Swans, IMHO. And the outlook right now appears even better. Consumption is not forecast to rise much at all, and domestic production could increase mightily in the very near future.
The net economic result of not sending so much money outside our borders is enormous. It also ratchets back the urgency for military foolishness in the Mideast. Let China and Europe deal with the Saudis, for once.
Even with BRIC demand growing, I see no reason to countenance doomsday scenarios of $200 oil. Also our domestic oil/gas production certainly undercuts ethanol mandate expansion, and if we punt this corn crop, it provides grounds for mandate waivers by the EPA.
It also spells a grim future for Big Coal, especially after the court ruling on new EPA emission limits for new power plants.
As I have said before, this is a big fracking deal.