Legg Mason Investment Counsel - The US energy revolution: An embarrassment of riches

2012 turned out to be yet another year when North American production of oil from shale resources bested expectations. Early last year we highlighted for you our view of the importance of this new trend. As we have just completed the fourth year of sustained growth in onshore production of crude oil, natural gas, and natural gas liquids (NGLs - a group of key chemical feedstocks produced as a byproduct of natural gas production) in North America and as 2012 crude production onshore USA is estimated to be almost 30% above the 2008 level we think that now is a good time to take a look around us and take measure of the true impact of this energy revolution....Read the complete article.