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Current Events & Hot Topics Current Events & Hot Topics

US Seen Overtaking Saudis As Biggest Oil Producer

Posted by on Nov. 18, 2012 at 12:35 AM
  • 26 Replies

US Seen Overtaking Saudis As Biggest Oil Producer

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November 12, 2012

The United States will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources, the International Energy Agency forecast on Monday.

In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production — thanks partly to a boom in shale gas output — as well as more efficient use of energy will allow the U.S., which now imports around 20 percent of its energy needs, to become nearly self-sufficient around 2035.

That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound and their effect will be felt well beyond North America — and the energy sector."

Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.

For example, oil exports out of the Mideast will increasingly go to Asia as the U.S. becomes more self-sufficient. That will increase the global focus on the security of strategic routes that bring Middle East oil to Asian markets. Tensions between Iran and Western powers have raised concerns that oil exports from the Persian Gulf could be blocked in a potential conflict over Tehran's alleged plan to develop nuclear weapons.

The IEA added that global trends in the energy markets will be influenced by some countries' retreat from nuclear power, the fast spread of wind and solar technologies and a rise in unconventional gas production.

The agency concluded that despite the rising use of low carbon energy sources, huge subsidies will keep fossil fuels "dominant in the global energy mix."

"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.

Global energy needs are forecast to increase by a third by 2035, with 60 percent of the additional demand coming from China, India and the Middle East.

New World Peace

by on Nov. 18, 2012 at 12:35 AM
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Replies (1-10):
annabl1970
by Platinum Member on Nov. 18, 2012 at 12:38 AM

Good!

stacymomof2
by Ruby Member on Nov. 18, 2012 at 12:39 AM

But, I thought Obama KILLED oil production?  The AP is nothing but a liberal outlet pushing for Obama!

;)

annabl1970
by Platinum Member on Nov. 18, 2012 at 12:40 AM

Well, if new exploration technologies don't impact the environment...

NWP
by guerrilla girl on Nov. 18, 2012 at 12:42 AM
1 mom liked this

They will...Frackin' fracking:(

Quoting annabl1970:

Well, if new exploration technologies don't impact the environment...


New World Peace

NWP
by guerrilla girl on Nov. 18, 2012 at 12:44 AM

Yes...that is the big joke, isn't it?

Another story I heard on this topic had the US projected to be the number one energy exporter in the world around 2040, mostly because of China's projected consumption needs.

I wonder if any of this speculation is figured into our economy, national deficit and what it will mean to our debt to China?

Now that would be something to talk about.

Quoting stacymomof2:

But, I thought Obama KILLED oil production?  The AP is nothing but a liberal outlet pushing for Obama!

;)


New World Peace

brookiecookie87
by Platinum Member on Nov. 18, 2012 at 12:49 AM


Quoting stacymomof2:

But, I thought Obama KILLED oil production?  The AP is nothing but a liberal outlet pushing for Obama!

;)

Well we all know Facts are liberal bias. We need to see where the spin on this is to get to the truth of the matter.

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stacymomof2
by Ruby Member on Nov. 18, 2012 at 12:57 AM

I wonder.  It would be very hard to predict how things will fall out.

Quoting NWP:

Yes...that is the big joke, isn't it?

Another story I heard on this topic had the US projected to be the number one energy exporter in the world around 2040, mostly because of China's projected consumption needs.

I wonder if any of this speculation is figured into our economy, national deficit and what it will mean to our debt to China?

Now that would be something to talk about.

Quoting stacymomof2:

But, I thought Obama KILLED oil production?  The AP is nothing but a liberal outlet pushing for Obama!

;)



Healthystart30
by Silver Member on Nov. 18, 2012 at 1:11 AM
at what cost?
AdrianneHill
by Platinum Member on Nov. 18, 2012 at 1:48 AM
I'm sure this is Obama's fault unless it is a good thing then he had nothing to do with it. Sad that the poor, tragic oil companies have crated and maintained this oil shortage that gives us these outrageous prices. Oil companies caused a bottleneck by sitting down refineries so they can act like oil is scarce and need to charge more for it because of middle east wars.
Maybe that oil should be sold here by those awesome job creators instead of selling to the highest international bidder. Nah, that's communism.
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NWP
by guerrilla girl on Nov. 18, 2012 at 9:51 AM

Yes, it will come at a price. Pipelines and fracking affect the environment.

I am also wondering what oil companies will profit from this and if the money made will stay in the US economy or be squirrelled away overseas.

Quoting Healthystart30:

at what cost?


New World Peace

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