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Old 11-12-2012, 01:49 PM
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U.S. to become biggest oil producer - IEA

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The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market, reported Paris-based IEA in its World Energy Outlook.

North America would become a net exporter of oil around 2030, the global organization said Monday.

"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," the IEA stated.

The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.

From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.

Related: the facts about oil and gas under Obama

According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.

"In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand," it said. "Exports on the scale that we project would not play a large role in domestic price setting."

North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.
http://money.cnn.com/2012/11/12/news...duction-energy

That's interesting that they will underscore the importance of securing supply routes from the Middle East to China and India. Perhaps we can save money doing that
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Old 11-12-2012, 02:13 PM
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Hope this will prevent them intruding other countries for oil
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Old 11-12-2012, 02:39 PM
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Originally Posted by mywibes View Post
Hope this will prevent them intruding other countries for oil
Do you have some examples of when they did that that you would like to share?
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Old 11-12-2012, 03:13 PM
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what is really needed is a new source of energy - abundant and clean.
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Old 11-12-2012, 04:31 PM
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what is really needed is a new source of energy - abundant and clean.
They've got the technology already, all the oil multinational corporations own and buy the patents that produce free cost energy. They want to keep their crude oil monopoly until the end, it is all about money.

Abundant and clean is the water, they can use the desalination process from seawater and they will get advanced water purification that can produce steam energy.

Or they can use the Quantum Theory which provide free energy.

Of course they are many more other natural ressources that can be used.
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Old 11-13-2012, 11:28 AM
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Dear uncle sam is still digging oilfields in iraq to find WMD
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