From the source report, click chart for link
I don’t believe anything the “feds” say about anything at any time - ever!
When I was in school in the ‘60’s the feds were predicting no-oil in 1970. In 1970 it became 1975 and it kept moving up and changing name...peal oil. We were also heading into an ice age. Then it became man-made global warming.
These predictions are all about sending money to supporters.
There have been a dozen articles in the last few days talking about America “drowning in oil.” Now the Feds are saying it’s coming to an end?
SOMEONE is lying.
Hydrocarbons need to be freely exportable and not locked into domestic consumption. Exporting will help sustain the boom in US hydrocarbon production and encourage further investment. That is why environmentalists, leftists, and Obaminists are opposed to it. Some on this forum too since they believe property rights end at the border.
Of course domestic consumers wish to keep it “at home”, because it is “our oil”, in an attempt to lower prices. Those attempts while successful in the short run cannot keep the US from ultimately paying the going world wide rate.
There will be no decline in the n hydrocarbon production if the market is allowed to function freely. The US and the rest of North American will swamp the world with hydrocarbons and thereby lower prices world wide. Bye bye petty oil fueled dictators and princes.
Or we can restrict exports and go back to the 70’s.
One thing I’ve noticed about these predictions is they don’t say “unless...”
Is this counting getting the environmentalists out of the way and going after Alaska and other areas? I bet not.
MSM, government reports........bull spit.......put out for political reasons only......no credibility.
Any “peak oil” forecast by THIS administration should be met with as much skepticism as one can muster.
they are aware that Obama’s SS, the EPA, will make this happen.
I have noticed that increased oil supply has changed nothing in the vehicle fuel prices here in the U.S. or anywhere else in the so-called free western world.
Something is wrong, it can’t all be about not having enough refineries, IMO.
There are reports in the Congressional Record dating back to the 1870’s claiming that US oil production will peak and begin to decline within 10 years. There is also a report saying there is no oil in Texas.
No doubt, this is just as accurate as their predictions of current production were 5 years ago.
But not, I dare say, for lack of resources.
Rather, too much Marxism at the EPA, too many environmental whackjobs in the federal bureaucracy, and too many crooks in congress.
I posted another story on this last night.
This one spins the eia report differently.
They suggest that oil production increases will come to a screaming stop in 2017 but prices will continue to increase.
That scenario doesn’t seem likely.
If production increases come to a screaming stop — it will be because prices drop precipitously. that’s not in the cards.
world wide demand is just too high and growing.
what’s more likely is that production increases will slow down. How much is unknown right now.
imho production increases in 2014 and 2015 will be closer to 1 million barrels @ day. the eia usually underestimates everything. so their 800,000 Barrel @ day oil increase number for 2014-5 should be considered a low end estimate.
but I think we’ve been through this discussion before. this time however the eia provides some official numbers.
Brought to you by the federal government - the institution that hasn’t been right about anything in recorded history!
Cruz and Palin will extend this boom deep into this Century and are any of you as sick as I am of these communist vermin and their printed lies?
It will be manmade unlike Global Warming.
This is very helpful (at least for me hopefully for others). Thanks for posting.
I have been seriously considering purchasing an electric car (all electric not hybrid) in the last month. This is/was mainly predicated on a belief I have had that the domestic oil production “bubble” would pop in the next year or so.
Now, it seems even the Feds say it will not only continue but increase up to at least 2017, with significant impacts on the price not seen until 2020. And that’s the Fed estimate, with all implied EPA agendas known. The truth of the matter is there will probably be abundant domestic oil for quite some time to come.
No sense in getting an electric car now.
When you look at the report, here is the rest of the story:
In its new long-range forecast, the Energy Information Administration projects that while wind, solar, hydropower and biomass will grow significantly over the next three decades, those renewable energy sources still will make up just a sliver — 16 percent — of the nation’s electricity by 2040.
That is higher than renewable power’s 12 percent contribution in 2012, with the EIA crediting the projected growth to federal tax credits, state mandates and, eventually, relatively low cost.
It would be interesting to learn what assumptions the EIA is making about population growth and what the impact would be if the Gang of 8 amnesty bill passes. It would almost triple legal immigration over the next 10 years to 33 million and we would be also importing 1.4 million guest workers annually.
From the source report, click chart for link