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Thousands of people have flooded into North Dakota to work in the state’s oil drilling boom, where a job on an oil rig can pay up to $100,000 a year.
Thousands of people have flooded into North Dakota to work in the state’s oil drilling boom, where a job on an oil rig can pay up to $100,000 a year.
(JIM URQUHART/REUTERS)

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Don’t bet on U.S. oil dominance

An influential report arguing that the U.S. will soon become the world’s largest oil producer made a lot of headlines, especially in Canada where the implications are huge.

Too bad its findings are wrong, argue the energy analysts at Deutsche Bank.

It’s not that the oil isn’t there, but the conditions needed to develop it are lacking, Deutsche Bank analysts Paul Sankey, David Clark and Silvio Micheloto write in a note entitled ‘Why the U.S. WON"T surpass Saudi Arabia as Number 1 oil producer.’ (The emphasis is the authors’. And if you’re wondering if these guys know what they are talking about, Mr. Sankey has been ranked No. 1 for the last two years by Institutional Investor for coverage of integrated oil companies.)