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would have been by april 2013 if romney was elected, tbh.
Kind of surprised this bit of news hasn't made it here yet.
(notice USA's arrow is going the other way)
AMERICA'S shale-gas boom is set to reverse the flow of the international trade in oil and gas. America, until recently the world's biggest energy consumer before being overhauled by China, has relied on imports for decades. But according to the International Energy Agency, that is set to change. America is all-but self-sufficient in gas because of the abundant flows from shale fields. By 2035 it could become a significant gas exporter reckons the IEA. Meanwhile the same technology is unlocking shale oil, which along with fuel efficiency measures, could slash America's dependence on oil imports. With all sources of energy taken together (including nuclear, renewables, etc) the country could hit net self-sufficiency by 2035. The rest of the world is set to rely even more heavily on imports, with the exception of Japan and South Korea, which already import all their oil and gas, and the ASEAN region, which will have less of a surplus to export.
http://www.economist.com/blogs/graph.../daily-chart-7
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U.S. to become biggest oil producer by 2017
* To overtake Russia as top gas producer by 2015
* Moving to become self-sufficient in energy (Adds details, para 8-9)
LONDON, Nov 12 (Reuters) - The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency.
The International Energy Agency (IEA) said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.
"The United States, which currently imports around 20 percent 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," it said.
The forecasts by the IEA, which advises large industrialised nations on energy policy, were in sharp contrast to its previous reports, which saw Saudi Arabia remaining the top producer until 2035.
"Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector," the IEA said in the annual long-term report, giving one of the most optimistic forecasts for U.S. energy production growth to date.
"The recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity - with less expensive gas and electricity prices giving industry a compe ive edge," it added.
IEA Chief Economist Fatih Birol told a news conference in London he believed the United States would overtake Russia as the biggest gas producer by a significant margin by 2015. By 2017, it would become the world's largest oil producer, he said.
This could have significant geopolitical implications, if Washington feels its strategic interests are no longer as embedded in the Middle East and other volatile oil producing regions.
[(HAHAHAHA... Let this part of the world be a CHINESE problem, they are welcome to it.... (he says gleefully)]
Analysts ask whether an energy independent United States would still be prepared to safeguard major trade routes around the world, such as the Strait of Hormuz in the Middle East.
The United States will rely more on natural gas than either oil or coal by 2035 as cheap domestic supply boosts demand among industry and power generators, the IEA said.
(more at the following link, worth reading: http://www.reuters.com/article/2012/...8MC7GA20121112
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Ultimate bottom line:
US will become a lot more compe ive in a lot of ways, especially when the new chemical plants being built start coming online, aimed to use the cheap natgas feedstocks anticipated.
Caveat:
No one knows for sure how much oil/natgas can ultimately be had. It could fade more quickly than is forecast, or it could be far more massive.
Welcome to change #1
Bad news:
It sucks to be a coal miner. Sorry. Bad for them, better for the rest of us. The market is picking winners and losers, and people in those jobs will need to be moved to other jobs.
Last edited by RandomGuy; 11-13-2012 at 02:22 PM.
would have been by april 2013 if romney was elected, tbh.
"It sucks to be a coal miner"
With China and India Ravenous for Energy, Coal's Future Seems Assured
http://mobile.nytimes.com/2012/11/13/business/energy-environment/china-leads-the-way-as-demand-for-coal-surges-worldwide.xml?f=23
That's why the coal export terminals on upper West Coast and rail lines to them are so critical to BigCoal
True to some extent.
They are exporting it increasingly to Asia, and that trend looks to continue. In this we are competing with Australia to provide it. The Aussies are closer.
World: Stop trying to police us!
US: OK
China: We'll do it!!
World: Um... wait, what?
US: Don't look at us. You got your wish. Down with the American imperialists, and all that, right?
China: BUWAHAHAHAHAHAHA
RG this might be the best news I've ever read on this board.Here's hoping it comes to pass.
People really don't understand how huge of an impact horizontal drilling has had on our oil supply. Not only is it opening up new plays in almost every part of the country, but it's allowing old fields long considered depleted to be reviewed for further drilling.
Get back to us when gasoline and diesel prices go down.
lol...I paid $2.98/gal today.
DFW AVERAGE TODAY: $3.11
DFW AVERAGE ONE WEEK AGO TODAY: $3.18
DFW AVERAGE ONE MONTH AGO: $3.52
NATIONAL AVERAGE TODAY: $3.46
NATIONAL AVERAGE ONE MONTH AGO TODAY: $3.78
DFW AVERAGE PRICE ONE YEAR AGO TODAY: $3.22
NATIONAL AVERAGE ONE YEAR AGO TODAY: $3.43
and that is caused by domestic oil source?
So that Moslem in the White House was just waiting until after the election to hit his magic gas price button?
Everyone es about gas prices, yet how many of you whiners are willing to go around the cost (carpooling, biking etc). Quit the ing.
Too busy grilling dogs most likely.
I bike and ride a commuter train and public transport nearly every day. Then again, I don't spend much on gas and therefor don't about it.
Frack it up, playaz
There is, from what I read recently, a great deal of uncertainty how much oil can be had from the older fields.
I wouldn't hang my hat on it yet, but it offers some interesting possibilities.
We would actually benefit from political instability in the middle east, as all the oil we drill will be more valuable. Hike the prices through the roof as we have the supply and the Chinese have the demand.RG this might be the best news I've ever read on this board.
Oooooh wouldn't that be deliciously tasty. Let the middle east ing solve their own goddamn problems, or let the chinese solve that .
We would have to put up with higher pump prices, but our oil companies would be making money hand over fist, and those companies would be paying out dividends to our retirees pension funds.
oh yeah.
Well yeah, it all depends on the geology of the field. There are fields out there PACKED with oil, but the natural driving mechanism just doesn't allow the well to flow (http://userpage.fu-berlin.de/cheubec...svr_eng_bw.pdf if you're interested). In essence, some wells have produced only 5-20% of their ultimate recovery. New technology can change that, which is pretty awesome.
Kai Risdahl last night on Marketplace had a Freakonomics guy who said the average municipal bus carries 10 people (hmm, in dense urban cities), and is less energy efficient than a car with 1 person, which of course excludes auto deaths/injuries, parking fees, maintenance, insurance, lost productivity from drivng (instead of reading), etc.
the point I'm trying to make is that people who ride the bus will save money for gas.... not save the earth
they'll save a lot more than just gas. But the time on the bus (prone to surface congestion like cars) is too long. A subway or light railway immune to surface congestion is a lot better.
TB,when US is biggest producer, not lower prices today, which are now and always tied to world price. NG is going the same way
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