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Global oil market being transformed by a gushing U.S.

America to import less,Asia more as shortage threats fall, report says

Posted: May 19, 2013 at 3:26 a.m.

FILE - In this Tuesday, July 26, 2011 file photo, Ben Shaw hangs from an oil derrick outside of Williston, N.D. The surge in oil production in the U.S. and Canada and shrinking oil consumption in the developed world is transforming the global oil market. (AP Photo/Gregory Bull, File)

NEW YORK — The surge in oil production in the U.S. and Canada and shrinking oil consumption in the developed world are transforming the global oil market.

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Business, Pages 63 on 05/19/2013

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