IEA: U.S. to Become World's Biggest Oil Producer
[An Nahar] The United States is to become the world's top oil producer around 2020, the International Energy Agency said on Monday, overtaking Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in their national face...
until the middle of that decade.
Not if B.O. has anything to do with it. And he does.
"The recent rebound in U.S. oil and gas production ... is spurring economic activity ... and steadily changing the role of North America in global energy trade," the agency said in its annual outlook on the energy markets of tomorrow.
It also said the price of oil will reach $125 a barrel in 2035, up from the current price of about $107.
Driven by an increased demand from emerging nations, the forecast was an increase from $120 predicted a year ago, the OECD-linked energy watchdog said in the assessment of the energy markets.
As for the global thirst for oil, it will show few signs of abating over the next two decades driven by demand from emerging nations, the IEA said.
Oil demand will increase by 14 percent between now and 2035 to reach 99.7 million barrels a day, the watchdog added.
Posted by: Fred 2012-11-13