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Report: North America still tied to world energy markets

Sept. 27, 2013 at 9:03 AM

HOUSTON, Sept. 27 (UPI) -- Consultancy group Wood Mackenzie said greater oil and gas production in North America will not decrease its dependence on foreign markets.

U.S. policymakers advocating for more oil and natural gas development say increased energy production at home would shield the North American economies from turmoil in the oil-rich Middle East.

Oil prices earlier this year escalated in response to the closure of oil terminals in Libya and unrest in Egypt. U.S. oil production for August, meanwhile, was at the highest monthly level since 1989.

Wood Mackenzie said in a report Thursday increased energy production in North America won't decouple it from global markets. Paul McConnell, a global market trend analyst for group, said production will have "complex impacts" on global trade but will not "divorce U.S. foreign policy from the Middle East."

"On the contrary, the region as a whole will be dependent on others to clear excess production, and the United States will be an importer of oil for the foreseeable future," the group said.

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