IEA: US Energy Production to Beat Saudi by 2017

The American Interest ^ | November 12, 2012 | Russell Mead

[lbryce]

e American energy miracle continues to make waves as more and more people realize just how big it is. The FT reports:

The US will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by 2017, according to the International Energy Agency, in one of the clearest signs yet of how the shale revolution is redrawing the global energy landscape.

This marks the first time the IEA, the developed world’s most respected energy forecaster, has made such a prediction. It underscores how the drilling boom that has unlocked North America’s vast reserves of hard-to-get-at oil and gas is changing the world’s oil balance.

The report says that the United States will be essentially energy independent in 2030:

In its yearly world energy outlook, published on Monday, the IEA said that by 2030 “the US, which currently imports around 20 per cent 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.”. . .

[O]il imports into the US . . . will plunge from 10m barrels a day to 4m b/d in ten years’ time. The agency [IEA] says that North America will become a net oil exporter by about 2035.

This is a forecast, and there are still some concerns. Some analysts think the IEA’s prediction model assumes a continuing boom in shale oil and gas production that may be unsustainable. As the NYT reported on October 20,

[lbryce]

That would be some milestone to surpass Saudi Arabia as the world's largest oil producer, the benefits of which are a game-changer, both politically and economically. All dependent on if Obama hasn't already destroyed our capacity to produce oil by then.

[USFRIENDINVICTORIA]

The downside of this will be having to watch Obama, and millions of other smug, moronic Democrats take all the credit. The same people, who mocked Sarah Palin, and any other Republican, who called for energy self-sufficiency — these same ignorant, smug, treacherous twits — will be taking the credit for something they claimed was impossible.

Maddening. Absolutely maddening.

[beef]

We HAVE to make sure nobody forgets who it was that said

DRILL BABY DRILL

and who it was that mocked it.

http://en.wikipedia.org/wiki/Drill,_baby,_drill

[TruthWillWin]

Afraid it is going to be much more than just taking credit for it. Obama will figure out a way to use it to help pay for his socialist agenda.

[USFRIENDINVICTORIA]

You should save a screen shot of that Wikipedia page. It’s almost certain to be changed, especially to expunge the quotes from Biden and Palin.

[USFRIENDINVICTORIA]

Yeah, he and Chávez will enjoy a few laughs about that.

[txnativegop]

Didn’t DOI just lock down 1.6 million acres of land to oil shale drilling? I could have sworn that I saw a thread here on the subject.

[upchuck]

The US will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by 2017...

That would be nice, wouldn't it. Reasonable gasoline prices forever.

However, this will never happen. nobama will figure out a way to stop this.

[SunkenCiv]

Michael Weaver posted this on Facebook:

• Obama: "I want to make sure we end before the call to prayer"
• Iran Deploys Troops, Ballistic Missiles To Eritrea [2008]

[SunkenCiv]

Thanks lbryce.

[Sequoyah101]

Don’t bet on it.

[clearcarbon]

"Didn’t DOI just lock down 1.6 million acres of land to oil shale drilling?"

I don't see how they can stop it. China needs that oil.

[haroldeveryman]

“The downside of this will be having to watch Obama, and millions of other smug, moronic Democrats take all the credit”

He already has taken the credit for all the large number oil wells that have come into production during his term in office. What he doesn’t mention is the fact that they were actually developed during George Dubya Bush’s tenure.