U.S. seen overtaking Saudis as biggest oil producer
The United States will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources, the International Energy Agency forecast on Monday.
In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production — thanks partly to a boom in shale gas output — as well as more efficient use of energy will allow the U.S., which now imports around 20 percent of its energy needs, to become nearly self-sufficient around 2035.
That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound and their effect will be felt well beyond North America — and the energy sector."
Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.
For example, oil exports out of the Mideast will increasingly go to Asia as the U.S. becomes more self-sufficient. That will increase the global focus on the security of strategic routes that bring Middle East oil to Asian markets. Tensions between Iran and Western powers have raised concerns that oil exports from the Persian Gulf could be blocked in a potential conflict over Tehran's alleged plan to develop nuclear weapons.
The IEA added that global trends in the energy markets will be influenced by some countries' retreat from nuclear power, the fast spread of wind and solar technologies and a rise in unconventional gas production.
The agency concluded that despite the rising use of low carbon energy sources, huge subsidies will keep fossil fuels "dominant in the global energy mix."
"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.
Global energy needs are forecast to increase by a third by 2035, with 60 percent of the additional demand coming from China, India and the Middle East.
In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production — thanks partly to a boom in shale gas output — as well as more efficient use of energy will allow the U.S., which now imports around 20 percent of its energy needs, to become nearly self-sufficient around 2035.
That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound and their effect will be felt well beyond North America — and the energy sector."
Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.
For example, oil exports out of the Mideast will increasingly go to Asia as the U.S. becomes more self-sufficient. That will increase the global focus on the security of strategic routes that bring Middle East oil to Asian markets. Tensions between Iran and Western powers have raised concerns that oil exports from the Persian Gulf could be blocked in a potential conflict over Tehran's alleged plan to develop nuclear weapons.
The IEA added that global trends in the energy markets will be influenced by some countries' retreat from nuclear power, the fast spread of wind and solar technologies and a rise in unconventional gas production.
The agency concluded that despite the rising use of low carbon energy sources, huge subsidies will keep fossil fuels "dominant in the global energy mix."
"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.
Global energy needs are forecast to increase by a third by 2035, with 60 percent of the additional demand coming from China, India and the Middle East.
We still need to move towards NG for vehicles.
 @RalphCramden Amen, Ralph. If we don't we are being extremely short sighted.  Should have started pushing for NG 10 years ago.
 @SaltireÂ
For sure. It's cheaper, more abundant and pollutes less.
 @RalphCramden I just heard T/A truck stops are going to be offering LNG and CNG filling at all of their stations by the end of next year. That should help on the worry about having someplace to fill up if you buy a CNG car.
 @Matthew BÂ
That's good news. I am thinking of getting one that will run on both CNG and diesel. More than likely a truck of some sort.
But if Texas truly Secedes from the union then well What ever ever is left of the US will have its issues lol.But then again things have been floating aobut the net..But what if it wee to come real and true I mean right now Texas almost has met its goal with in today.
Signatures needed by December 09, 2012 to reach goal of 25,000Â 4,534 is left
Total signatures on this petition 20,466
 @lee986321 To quote the American Experience website, "April (1868): In its 5-3 Texas v. White decision, the U.S. Supreme Court declares Radical Reconstruction constitutional, stating that secession from the Union is illegal."
 @lee986321 Not gonna happen.  The Civil War was started over secession with South Carolina being the first to secede. Maybe, the states wanting to secede should consider petitioning for Commonwealth status, like Puerto Rico; or petition to return being a territory, like Guam. That won't happen either, though. I looked at some of the petitions and most of the signatures are from people who don't even live in the state.
@lee986321 Texas tried to leave the union once already.
 @Playanekes  @lee986321 Actually, they did leave the Union, then came the Civil War and Reconstruction. Texas was not readmitted to the Union until 1869 or 1870.Â
@lee986321 Again, it's not going to happen. Polls have been conducted showing Texans are overwhelmingly opposed to leaving the Union, up to 75% opposed. I'm pretty sure you'd find the same ratio of people in other states wanting their state to leave the U.S. as well. Another thing you failed to factor in is that even if Texas did leave the US it would do nothing regarding the long term cost of oil. Unless you think that the oil industry should be nationalized that is.
We should use up all of everyones else's oil now while its relatively cheap. Then, when we are the only ones to have any, we can run the price up and get back at those countries that have lorded it over us.
@scared_citizen the only problem is that the oil industry works to maximize ITS profits, as do the speculators, and so what's good for the population, the nation, or the longevity of our energy interdependence is not their concern. They're multinational corporations and don't give a damn about Uncle Sam except for how they can extract the most oil and money from us.
@scared_citizen When you say âweâ you mean the oil industry right? Because in your scenario the consumers here will have to pay whenever they ârun the price upâ.