WASHINGTON: The United States is set to become the largest producer of crude oil by 2030, according to a recent forecast by the United Nations (UN).
The International Energy Agency (IEA) predicts the US will overtake Saudi Arabia and Russia in production amid a boom in unconventional drilling.
In Colorado, and other western US states, oil shale is one of the resources that could help make the US a net energy exporter in the foreseeable future.
According to the oil industry, the rock found in Colorado's Piceance Basin could hold the key to America's energy future.
Glenn Vawker, who heads the National Oil Shale Association, said: "There are estimates by our federal government that we could be producing up to one million barrels a day in twenty to thirty years."
Colorado's oil shale is often described as one of the richest hydrocarbon deposits in the world. The problem is that it takes a lot of money and resources to get the oil out of the rock.
Oil companies have set up multi-million-dollar pilot programs here, trying to figure out how to turn a profit.
To extract the oil, the companies have to cool the rock - a process the latest technologies do deep underground.
Roger Day, who is vice president of operations at American Shale Oil Corporation, said: "We're working on what you call in-situ technology, which would heat the oil in the ground and produce the oil without bringing the rock to the surface. And our project - it will take about another five years to perfect this technology."
China, Brazil and Estonia are also researching technologies to develop oil shale potential.
China is currently the largest producer in the world, with huge resources primarily in Fushun and Maoming but scientists said the US is in a position to take over that top spot.
Jeremy Boak, director at the Centre for Oil Shale Technology and Research, said: "We have the largest single resource in the world here. China has a very large resource and it is moving aggressively. It is currently, as far as I can tell, the largest single producer of oil from oil shale. But the total amount in still very tiny - about 30,000 barrels a day or so. Nevertheless, it's being produced and they are ramping up."
Industry insiders predict a shale boom in Colorado that would be immensely profitable for the state and help the US become energy independent. But some people are worried about the possible environmental impact of such a boom in the industry."
Environmental advocates said the oil shale industry uses water that's in short supply in the drought stricken western US.
David Abelson, who is an oil shale policy advisor at Western Resource Advocates, said: "Large-scale oil shale is predicted to consume vast quantities of water. The high-end estimates would be roughly 45 per cent more than Denver water supplies to its 1.3 million customers every year."
This part of Colorado was producing large volumes of oil from shale during the 1970s fuel crisis, but industry was largely shutdown during the early 1980s.
But that earlier exploration involved what is now outdated technology. Figuring out how to tap into the rock in the most efficient AND environmentally-responsible way is the challenge currently facing America's oil shale industry..
US expects oil boom from oil shale extraction
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US expects oil boom from oil shale extraction
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US expects oil boom from oil shale extraction
