CHANGE: U.S. Shale Oil Seen Rising Fast. “The National Petroleum Council recently forecast that some 3 million barrels per day of shale oil could be produced in North America by 2035 if regulations were favorable to the industry. The shale oil surge in Bakken, North Dakota and other areas of the country are estimated to be about five years behind the natural gas shale boom. Rapid advancements in hydraulic fracturing, or fracking, and directional drilling have boosted output of both fuels. . . . The surge could threaten Saudi Arabia’s dominant role in world oil markets, and it also eases the urgency to develop the kingdom’s own reserves, its state energy company said last month. The US Energy Information Administration on Tuesday raised its forecast for 2012 liquid fuel output by 37% on faster growth from shale oil. . . . There are also 14 or 16 other shale oil fields in North America that are in the early stages of development.”