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Reuters: U.S. to overtake Saudi as top oil producer: IEA


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http://www.reuters.com/article/2012/11/12/us-iea-oil-report-idUSBRE8AB0IQ20121112

U.S. to overtake Saudi as top oil producer: IEA

The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency.

The International Energy Agency (IEA) said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.

"The United States, which currently imports around 20 percent 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," it said.

IEA Chief Economist Fatih Birol told a news conference in London he believed the United States would overtake Russia as the biggest gas producer by a significant margin by 2015. By 2017, it would become the world's largest oil producer, he said.
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Of course they could sell gas at 2.00 a gallon and still make a profit, . . . .

No way in Dallas you can convince me that that's even remotely close to being true.

Yeah, Big Oil makes a lot of money. But they don't make $2 a gallon kind of money.

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In 5 years? That's unpossible. Commiebama will have been waging war on domestic oil production for eight yeas by 2016. They expect us to believe all that will turn upside down and drastically change in one year? :maniac:

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In 5 years? That's unpossible. Commiebama will have been waging war on domestic oil production for eight yeas by 2016. They expect us to believe all that will turn upside down and drastically change in one year? :maniac:

Yet another myth about Obama's administration debunked by facts.

Who'd have thunk it?

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Drill, baby, drill?

you mean its...

Drill, Frac, baby, Drill, Frac!

And if Bang is referring to prices of oil, gasoline, and natural gas... yup you are right.. the era of cheap oil is over...

"Drill, Frac, baby, Drill, Frac!" is not a cheap slogan...

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In 5 years? That's unpossible. Commiebama will have been waging war on domestic oil production for eight yeas by 2016. They expect us to believe all that will turn upside down and drastically change in one year? :maniac:

I had this discussion with a friend of mine who was a hardcore Romney guy. He insisted high gas prices were all Obam's fault for not allowing drilling licenses on govt lands.

Does this W and Prince Bandar will stop holding hands?

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In 5 years? That's unpossible. Commiebama will have been waging war on domestic oil production for eight yeas by 2016. They expect us to believe all that will turn upside down and drastically change in one year? :maniac:

** WTF?? Great News!! Obama has been a fossil fuel guy this whole time. :rolleyes:

The billions wasted during the Green energy scam and the foot dragging when it came to offshore drilling and the Keystone Pipeline was just a diversion to keep the tree hugger vote.

** What The Frack

---------- Post added November-12th-2012 at 04:57 PM ----------

LIMITED KNOWLEDGE

Birol said he realized how optimistic the IEA forecasts were given that the shale oil boom was a relatively new phenomenon.

"Light, tight oil resources are poorly known ... If no new resources are discovered (after 2020) and plus, if the prices are not as high as today, then we may see Saudi Arabia coming back and being the first producer again," he said.

The IEA said it saw U.S. oil production rising to 10 million barrels per day (bpd) by 2015 and 11.1 million bpd in 2020 before slipping to 9.2 million bpd by 2035

---------- Post added November-12th-2012 at 05:00 PM ----------

LIMITED KNOWLEDGE

Birol said he realized how optimistic the IEA forecasts were given that the shale oil boom was a relatively new phenomenon.

"Light, tight oil resources are poorly known ... If no new resources are discovered (after 2020) and plus, if the prices are not as high as today, then we may see Saudi Arabia coming back and being the first producer again," he said.

The IEA said it saw U.S. oil production rising to 10 million barrels per day (bpd) by 2015 and 11.1 million bpd in 2020 before slipping to 9.2 million bpd by 2035

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I

Does this W and Prince Bandar will stop holding hands?

At least he didn't bow :pfft:

what was the projected price in the report ...$250 bl w/energy saving measures factored in,as well as subsidies continuing?

NG has gone way down sjinhan, but as usage increases it will bump up

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The bigger problem isn't production, it's consumption. We are already one the highest oil producers in the world, so this doesn't shock me considering new technology and reserves we've found. My thing is usually when news like this is out it's already been known by the people in the trenches, like the oil companies. Why do they insist on pricing gas like we're about to run out and have to protect what we have???

Edit: Is there anything the government can do policy wise towards the oil companies to get prices to come down? I feel like I'm being toyed with...

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Yet another myth about Obama's administration debunked by facts.

Who'd have thunk it?

Oh BS. It is one of the few things President Bush can take credit for (Heck and not even much credit). President Obama has, is, and will continue to do everything he can to throw chairs in front of this. And don't bother denying it, everyone on this board including his backers know this (including you), yet you'll bend yourselves into pretzels saying it isn't so.

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O has backed off some as the economy stutters along and his constituents threatened to bail ,but you are right that policy put forth by W set the table for this run.

The govts actions on land/waters strictly under their control really tells the tale of support or not for expansion,only so much they can do on private land to stop it.

The true driver is tech,and we certainly advanced it for the right reward..

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O has backed off some as the economy stutters along and his constituents threatened to bail ,but you are right that policy put forth by W set the table for this run.

The govts actions on land/waters strictly under their control really tells the tale of support or not for expansion,only so much they can do on private land to stop it.

The true driver is tech,and we certainly advanced it for the right reward..

I don't really see the President backing off at all. Heck one of the first things his administration announced after the election were further reductions in areas open to drilling on public lands. Now if he approves the Keystone pipeline early next year that may be an indication that he is backing off some (some).Additionally, we need to see if he reverses the permit slowdown/blockage in the Gulf of Mexico that he imposed over the last several years.

Frankly I fully expect the EPA to put the kibash on fracking over the next couple of years, to not only slow private drilling expansion but to reverse the trend of increased gas production.

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My understanding is that drilling on private lands has increased, its the ones the Fed have mostly controlled that have been reducing. or am I wrong there?

Eithe way... by 2030, noone will want oil because we'll have Mister Fusion's to power our Hover cars... right? ;)

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The most important benefit is the ability to not be dependent on the Mid East OPEC countries that yank our chain daily. We can concentrate on protecting ourselves from the radical states (see Iran now, Saudi Arabia collapse coming right behind) without the skittish oil markets going bonkers and driving the cost of our energy sky high.

By then they will all be radical states - an extremely bad proposition for the US if we still need to suck up to them for their oil.

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The most important benefit is the ability to not be dependent on the Mid East OPEC countries that yank our chain daily. We can concentrate on protecting ourselves from the radical states (see Iran now, Saudi Arabia collapse coming right behind) without the skittish oil markets going bonkers and driving the cost of our energy sky high.

By then they will all be radical states - an extremely bad proposition for the US if we still need to suck up to them for their oil.

Wouldn't it still be sky high because oil is traded with the dollar on the open commodity markets?

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