Skip to comments.US to overtake Saudi Arabia in oil as China's water runs dry
Posted on 11/12/2012 11:14:22 PM PST by bruinbirdman
It is official. The US will overtake Saudi Arabia to become the world's top oil producer by 2017.
The International Energy Agency (IEA) said in its world outlook for 2012 this morning that the US will be a net exporter of gas by 2020, with all the vast implications of abundant cheap gas for its chemical, plastics, glass, and steel industries.
"The United States, which currently imports around 20 per cent 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.
This is entirely due to the shale and gas revolution. North America as a whole will become a significant net exporter.
People were too quick to write off America after the Carter Malaise of the 1970s, and they have been too quick again after the subprime bubble (now largely cleared). As Adam Smith said, there is a lot of ruin in a great nation.
Saudi Arabia will quickly fade as swing force in global energy markets unless it stops gobbling up its own output with such careless abandon. It currently charges 14 cents a litre for petrol and seven cents for diesel at the pump. They give it away.
They should copy to Abu Dhabi and switch to solar power pronto for air conditioning, freeing up oil for exports.
Whether or not the world can supply enough oil to feed the Chinese dragon depends on Iraq.
If it all goes well, output will jump from around 2 million barrels a day (b/d) to 8 million by 2035. It if goes really well, output could reach 10 million.
If all this turns out to be wishful thinking, the world is stuffed. The biggest "new supply" over the next quarter century is energy
(Excerpt) Read more at blogs.telegraph.co.uk ...
>> The United States... becomes all but self-sufficient in net terms
I wonder if they have factored Barack Obama and his EPA and DOE into their forecast.
Not with 0bumble in the white hut.
How ironic that the United States might become self sufficient in oil and gas in spite of comrade obama.
Of course, at that point the arabs will own the US.
Obama will of course get the credit. The tax revenues from the oil/gas boom will fund his policies, a Democrat will likely be his replacement in 2016 and the left will look back on obama as some sort of demigod.
The article really took a shot at American consumers, by saying Arabs giving gas away. They are suggesting we keep paying through the nose for our own products. And that ladies and gentlemen is crony capitalism. Americans pay more for the products of their own hands.... and this author tells us why that is a good thing. I guess Henry Ford’s thinking is antiquated.
So we lose all our industry and become a net exporter of raw materials. Just like Russia.
One more reason why the media is enemy number one.
None of this societal destruction would be possible without them.
No quick fix either but eliminating academic tenure is a start. Academic tenure is nothing but an ideological vetting process which has enabled the Marxist takeover of academia in the 1920s and 1930s to continue to this day.
That is the key part of the plan. Once he severely limits our consumption of gasoline, fuel oil, propane, electricity, Elbonia could supply all our energy needs.
Not with our Islamocommie POTUS in charge, it won’t.
Oh, President Hussein will no doubt find a way to toss his monkey wrench into the works.
Bet the farm on it.
We can be energy independent shortly, with sufficient shutdown of our energy demand. Send the manufacturing and other jobs overseas and watch the demand fall to meet current supply.
I don’t understand the water shortage issue. Doesn’t Israel make potable water from sea water? How is it possible to run out of water. It gets recycled. There is technology that purifies it.
There is also significant cost to desalinate sea water. Trying to produce enough by that method to cool coal plants or supply hydraulic fracturing 2,000 miles from the sea is not reasonable. You would spend more money than the energy produce is worth. You might even spend more energy as well.
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