With Trump approving the Keystone pipeline, expect 800,000 barrels of Canadian oil to gush daily through America in a few years. It has shale oil reserves equivalent to those of the US, and has begun drilling for them in earnest. If Trump does not honour the deal, Iran could not be sanctioned, and it would continue producing oil at new levels. With production steady and demand relatively so, expect oil not to dip.The EIA sent a considerable team to India that estimated its shale oil resources at 4 billion barrels, and posted its methodology on its web site. India should forthwith tap its shale resources.While oil prices remain relatively low, the government must think about deregulating the sector and letting wholesale prices be reflected at the pump.

Source: Economic Times February 11, 2017 02:48 UTC