You have commented 338 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Economy
IEA: U.S. to Become World's Biggest Oil Producer
2012-11-13
[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

#4   I don't believe this. The US will not save itself by becoming the world's biggest oil producer. The price it pays for oil, whether produced domestically or imported, will continue its painful rise, and will continue to clamp US economic growth. The Bernank's quantitative easing aggravates the situation, but US dollar devaluation is not the only factor in rising oil prices. Falling EROEI is the main element.
Posted by: Anguper Hupomosing9418   2012-11-13 15:53  

#3  The silver lining is Obama won't let the US drill or exploit any of that so when we are rebuilding civilization after the depression the US will be positioned nicely.
Posted by: rjschwarz   2012-11-13 15:17  

#2  Not with Obama's new flexibility.
Posted by: g(r)omgoru   2012-11-13 07:54  

#1  Oil is a major or vital "Achilles Heel" for both the US + Rising China, + of course the rest of the World, which is why the pre/proto-OWG "consensus is that there is no consensus" as per "PEAK OIL/ENERGY/RESOURCES" SHOULD BE UNACCEPTABLE TO EVERYONE.

Can't have a SPACE GOVT-ORDER, let alone de facto Deep Space Exploration + Colonization, iff one doesn't have the resources or proper resources to do so, correct???

[Guam Taotamonas, "MAD MAX" MOVIES here].
Posted by: JosephMendiola   2012-11-13 00:28  

00:00