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U.S. oil output to overtake Saudi Arabia’s by 2020, IEA Says
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GENO123



Joined: 28 Jan 2010

PostPosted: Mon Nov 12, 2012 7:06 pm    Post subject: U.S. oil output to overtake Saudi Arabia’s by 2020, IEA Says Reply with quote

http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html


Quote:

U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
Enlarge image
The U.S. met 83 percent of its energy needs in the first six months of this year, on track to be the highest annual level since 1991, according to Energy Department data. Photographer: Patrick T. Fallon/Bloomberg
1:48
Fatih Birol, chief economist at the International Energy Agency, said U.S. oil output is poised to surpass Saudi Arabia’s in the next decade.
6:07
Nov. 12 (Bloomberg) -- International Energy Agency Chief Economist Fatih Birol discusses global oil production, U.S. imports and renewable energy. He speaks with Francine Lacqua and Guy Johnson from London on Bloomberg Television's "City Central." (Source: Bloomberg)
Chart: Saudi Arabia Versus U.S. Crude Production
Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to 28 nations said today in its annual World Energy Outlook. The U.S. met 83 percent of its energy needs in the first six months of this year, according to the Energy Department in Washington
.

I won't go into all the far reaching implications ( economic , environmental , geopolitical ,strategic , diplomatic) of this. Just start with your imagination and continue from there.
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young_clinton



Joined: 09 Sep 2009

PostPosted: Tue Nov 13, 2012 6:38 am    Post subject: Reply with quote

Ah yes, once again the USA becomes economically supremely powerful. It's good to be an American.
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Ya-ta Boy



Joined: 16 Jan 2003
Location: Established in 1994

PostPosted: Tue Nov 13, 2012 7:09 am    Post subject: Reply with quote

Quote:
will transform the U.S. into the largest producer for about five years starting about 2020,


Well, that makes me want to climb a mountain and shout, "Yahoo!"

Maybe we could extend that for a year or two if we raked up all the leaves and made a nice bonfire. We could have a national weenie roast at the same time. Toast a few marshmallows while we're at it.


PS: Anyone got any ideas for an actual long-term, you know, solution?
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visitorq



Joined: 11 Jan 2008

PostPosted: Tue Nov 13, 2012 11:49 am    Post subject: Reply with quote

Ya-ta Boy wrote:
[PS: Anyone got any ideas for an actual long-term, you know, solution?

Just pay Al Gore money. He'll make it better.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Tue Nov 13, 2012 3:51 pm    Post subject: Reply with quote

A nice bump while you search for a long term solution. This is a good thing.
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Zackback



Joined: 05 Nov 2010
Location: Kyungbuk

PostPosted: Tue Nov 13, 2012 4:13 pm    Post subject: Reply with quote

Does this mean that those in the USA will pay lower gas prices?
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Kuros



Joined: 27 Apr 2004

PostPosted: Tue Nov 13, 2012 5:32 pm    Post subject: Reply with quote

It won't change American policy towards the Middle East. It won't make American oil significantly cheaper, because prices are set by international markets. It won't keep hybrids or alternative energy from development, but it may reduce their necessity. It might make the U.S. into a petro-state, but its doubtful it will supplant the FIRE economy.

It does mean we are unlikely to exhaust the world's oil supply anytime soon, and it seriously undermines predictions of peak oil.
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JustinC



Joined: 10 Mar 2012
Location: We Are The World!

PostPosted: Tue Nov 13, 2012 5:42 pm    Post subject: Reply with quote

Kuros wrote:
It won't change American policy towards the Middle East. It won't make American oil significantly cheaper, because prices are set by international markets. It won't keep hybrids or alternative energy from development, but it may reduce their necessity. It might make the U.S. into a petro-state, but its doubtful it will supplant the FIRE economy.

It does mean we are unlikely to exhaust the world's oil supply anytime soon, and it seriously undermines predictions of peak oil.


I read an article about this yesterday and it said we're in 'Plateau Oil' which is not as catchy as 'Peak Oil, but is probably more truthful. As you say the ME will still be an enormously major supplier of oil and so will not be any less relevant in global politics. With at least 5 years where the US is not dependent on ME resources you'd hope it would make a difference but as long as they still trade in USD the likelihood of that is very small.
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actionjackson



Joined: 30 Dec 2007
Location: Any place I'm at

PostPosted: Tue Nov 13, 2012 6:55 pm    Post subject: Reply with quote

JustinC wrote:
Kuros wrote:
It won't change American policy towards the Middle East. It won't make American oil significantly cheaper, because prices are set by international markets. It won't keep hybrids or alternative energy from development, but it may reduce their necessity. It might make the U.S. into a petro-state, but its doubtful it will supplant the FIRE economy.

It does mean we are unlikely to exhaust the world's oil supply anytime soon, and it seriously undermines predictions of peak oil.


I read an article about this yesterday and it said we're in 'Plateau Oil' which is not as catchy as 'Peak Oil, but is probably more truthful. As you say the ME will still be an enormously major supplier of oil and so will not be any less relevant in global politics. With at least 5 years where the US is not dependent on ME resources you'd hope it would make a difference but as long as they still trade in USD the likelihood of that is very small.

I wonder if there will be any response from the American people if the gas prices don't go down. I wonder if they'll remember all those politicians saying that something needs to be done about gas prices every time they spike, only to finally be told that the U.S. Government has no control over gas prices whatsoever and never has.
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matthews_world



Joined: 15 Feb 2003
Location: Coming to a norae-bang near you!

PostPosted: Tue Nov 13, 2012 10:32 pm    Post subject: Reply with quote

Another BP-like disaster coming up the pike?

Note that Montana has one of the lowest unemployment rates in the nation due to the oil industry.

Deep-sea drilling and the more accepted technology of cyphening of oil from shale deposits have hit the forefront.


Bush was in favor of opening up Alaska's reserves during his presidency. Has Obama done anything to curb this?
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Unibrow



Joined: 20 Aug 2012

PostPosted: Wed Nov 14, 2012 5:43 am    Post subject: Reply with quote

We should invade Kuwait to get even more oil. Then we might get 10 years as the top dog.
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comm



Joined: 22 Jun 2010

PostPosted: Wed Nov 14, 2012 6:23 am    Post subject: Reply with quote

Unibrow wrote:
We should invade Kuwait to get even more oil. Then we might get 10 years as the top dog.

I'm eagerly awaiting the day that China (or another country) has the might/willpower/balls to do what the U.S. is doing in the Middle East.

It will be amusing to see how desperately U.S. leaders try to paint it as a power play by an Evil Empire, trying to dominate the region's resources.
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GENO123



Joined: 28 Jan 2010

PostPosted: Wed Nov 14, 2012 7:55 am    Post subject: Reply with quote

Quote:
“In the United States, low prices and abundant supply see gas overtake oil around 2030 to become the largest fuel in the energy mix,” according to the report, written by a team of researchers led by Birol.
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Kuros



Joined: 27 Apr 2004

PostPosted: Wed Nov 14, 2012 3:26 pm    Post subject: Reply with quote

JustinC wrote:
Kuros wrote:
It won't change American policy towards the Middle East. It won't make American oil significantly cheaper, because prices are set by international markets. It won't keep hybrids or alternative energy from development, but it may reduce their necessity. It might make the U.S. into a petro-state, but its doubtful it will supplant the FIRE economy.

It does mean we are unlikely to exhaust the world's oil supply anytime soon, and it seriously undermines predictions of peak oil.


I read an article about this yesterday and it said we're in 'Plateau Oil' which is not as catchy as 'Peak Oil, but is probably more truthful. As you say the ME will still be an enormously major supplier of oil and so will not be any less relevant in global politics. With at least 5 years where the US is not dependent on ME resources you'd hope it would make a difference but as long as they still trade in USD the likelihood of that is very small.


Its really hard to speculate on where we are in terms of oil. We have a good outline of what the demand will be. But its harder to determine the supply. One day we will peak, but that day could be a long way away.

We should be steadily moving towards decreasing our consumption of oil. That may actually give us independence from oil price fluctuations and shocks.
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rollo



Joined: 10 May 2006
Location: China

PostPosted: Wed Nov 14, 2012 3:35 pm    Post subject: Reply with quote

New oil is still being created.!! The U.S. will have a tremendous advantage over other developed nations, that with its lead in technology opens up a lot of doors.

U.S. mideast policy? what about Russian, British, French middle east policy?
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