U.S. TO BECOME WORLD’S TOP OIL PRODUCER IN 5 YEARS.

Posted: November 15, 2012 in giving back, Global Community., Politics, random news., random thoughts, somewhat current

REPORT: U.S. TO BECOME WORLD’S TOP OIL PRODUCER IN 5 YEARS, TOP NATURAL GAS PRODUCER IN 3 YEARS

Report: U.S. To Become World’s Top Oil Producer in 5 Years, Top Natural Gas Producer in 3 Years

The International Energy Agency has released a report saying the U.S. will overtake Saudi Arabia as the world’s leading oil producer by by 2017 and would overtake Russia as the world’s largest natural gas producer by 2015.

President Obama’s policies are the closest thing we have seen to a comprehensive energy policy in 30 years and that’s with a Congress that is unwilling to go along with his agenda.  Without the increased production of oil, gas, renewables and a focus on energy conservation … America never becomes energy independent.
Energy developments in the United States are profound and their effect will be felt well beyond North America – and the energy sector. The recent rebound in US oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale as resources, is spurring economic activity – with less expensive gas and electricity prices giving industry a competitive edge – and steadily changing the role of North America in global energy trade. By around 2020, the United States is projected to become the largest global oil producer (overtaking Saudi Arabia until the mid-2020s) and starts to see the impact of new fuel-efficiency measures in transport. The result is a continued fall in US oil imports, to the extent that North America becomes a net oil exporter around 2030.

This accelerates the switch in direction of international oil trade towards Asia, putting a focus on the security of the strategic routes that bring Middle East oil to Asian markets. The United States, which currently imports around 20% of its total energy needs, becomes all but self-sufficient in net terms – a dramatic reversal of the trend seen in most other energy importing countries.

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