What will happen to the oil price in 2013?

The US energy sector is undergoing a rapid change. It’s no exaggeration to describe it as a revolution. The nation’s ability to get at once-inaccessible shale oil and gas has sent energy production soaring. The US Energy Information Administration expects oil production to rise by 25% this year. And in less than a decade, America could overtake Saudi Arabia as the world’s top oil producer. This could have a major impact on everything from US industry to the strength of the dollar. It’s all very exciting. But it’s easy to get a little too carried away, particularly now that everyone knows about the ‘shale gas revolution’. Those expecting a future of cheap energy and collapsing oil prices are heading for a disappointment.