Skip to comments.U.S. Will Be the World’s Largest Oil Producer by 2023, Says IEA
Posted on 03/05/2018 5:17:42 AM PST by RoosterRedux
The U.S. will overtake Russia to become the worlds largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.
U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year, said the International Energy Agency, which advises governments and corporations on industry trends. American oil output will surge past Russia, currently the worlds largest crude producer at about 11 million barrels a day.
The IEAs closely watched five-year forecast showed the U.S. hitting new strides in its oil and gas boom, helped by technological advances, improved efficiency and a fragile recovery in oil prices that is encouraging shale companies to ramp up their drilling. Once heavily dependent on imports from the Middle East, the U.S. is getting closer to achieving its goal of producing enough crude to meet domestic demand for refined products like gasoline.
Of the 6.4 million new barrels of oil that will be pumped every day between now and 2023, almost 60% will come from the U.S., the IEA said.
American influence on global oil markets is also expected to rise, with U.S. oil exports more than doubling to 4.9 million barrels a day by 2023, according to the IEA. Until 2015, the U.S. didnt export any crude oil by law, but in five years it is expected to be among the worlds biggest exporters.
The IEAs report also highlights the changing role of the Organization of the Petroleum Exporting Countries, a group of producers that historically dominated world oil markets.
(Excerpt) Read more at wsj.com ...
Roll tape (here's the 36 second video).
It is my contention that the American economic miracle of the 20th Century was built on a foundation of two primary underpinnings:
1) Low energy costs
2) Low governmental regulation
Obama actively undermined both. In fact, I would maintain that much of the anemic recovery over his 8 years was because of fracking of natural gas and oil, and happened in spite of his efforts, not because of them.
And...it would take at least 10 years to do it.
Well, 10 years is about to happen.
F U B O!
Should we join OPEC?
Save the Whales! Drill for Oil!
But Dorkbama said we couldn’t drill our way to energy independence!?
Somebody is lying.
We still import close to 10 million barrels per day.
Hence the year 2023...
Where else are the Canuks going to go ?
This is total hogwash! It’s common sense that a cup of water when continuously drained will go empty. No one can honestly deny this. This article is as stupid as those that deny climate change, when it is a fact that oceans are on the rise in certain parts of the country, that many coastal areas will be totally submerged in just a couple years.
And these clodhoppers want to worsen it by burning more oil, creating more emissions to ruin our rain forests.
(sorry, gotta let the left side of my brain work on Mondays - a lefty actually used this line of reasoning on me once)
Even when we are the largest oil producer, we will still be an oil importer, and if the economy keeps growing maybe as much of a net oil importer as we are now, which is about 60% of what we need. Why? We are a nation that is very thirsty for oil - we consume so much of the stuff.
That does not mean we should not applaud the greater domestic oil production; it is still a very good thing - the oil consumption dollars that stay in the domestic economy verses paying foreign suppliers, the revenue to domestic producers, the domestic oil industry jobs and their incomes.
But “energy independent”? That the additional oil production will not do.
That is two of the things we had/have, but there are others not least of which is geography. Our geography has given our country many advantages that no amount of industry can make up for. Some - like the Japanese - tried, and saw that being great takes more than your own will power.
U.S. to become top oil producer in 2015: IEA November 12, 2013, 10:55 AM ET
Somebody is lying.
Hussein Obama worked under the premise that Americans are basically idiots and that they believe most of what the corrupt presstitutes tell them to think.
Control the presstitues and you control America.
I think the Rooskis will have something to say about that...
“We still import close to 10 million barrels per day.”
And that will have to continue. We don’t import oil because we need it. We import oil because someone else needs the money to survive. Our three largest suppliers of oil are Venezuela, Mexico, and Canada. We buy oil overseas to support their being able to buy food so war doesn’t break out between all the countries in the middle east when they have to go next door to find food. Even the UN gave it a name calling it the Oil For Food Program. The Oil-for-Food Program started in December 1996, and the first shipments of food arrived in March 1997. Sixty percent of Iraq’s twenty-six million people were solely dependent on rations from the oil-for-food plan. And that saved a lot of lives. We currently purchase about 3% of our oil from the middle east. We are not dependent.
And a lot of people don’t know that a vast majority of the oil we currently pipe down from ANWAR is sold to Japan and shipped from Valdez to them to be refined and we buy it back at a loss to keep their economy from bottoming out. So oil to us is not really much of an energy issue as much as it is a peace tool. But it also constitutes looking like welfare at the same time.
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