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The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.
From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.
Related: the facts about oil and gas under Obama
According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.
"In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand," it said. "Exports on the scale that we project would not play a large role in domestic price setting."
North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.
U.S. to become biggest oil producer and energy independent - Nov. 12, 2012
We had eight years with an oil man in the WH. But Obama and technology have made the oil a major oil producer.
The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.
From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.
Related: the facts about oil and gas under Obama
According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.
"In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand," it said. "Exports on the scale that we project would not play a large role in domestic price setting."
North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.
U.S. to become biggest oil producer and energy independent - Nov. 12, 2012
We had eight years with an oil man in the WH. But Obama and technology have made the oil a major oil producer.
Eastern Gulf of Mexico - off limits.
Atlantic OCS - ditto.
Pacific OCS - likewise.
ANWR - fergeddaboudit.
U.S. to become biggest oil producer and energy independent - Nov. 12, 2012
We had eight years with an oil man in the WH. But Obama and technology have made the oil a major oil producer.
The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.
From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.
Related: the facts about oil and gas under Obama
According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.
"In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand," it said. "Exports on the scale that we project would not play a large role in domestic price setting."
North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.
What the fuck did Obama do? Or Bush for that matter?
Jim, ever the tool.
Eastern Gulf of Mexico - off limits.
Atlantic OCS - ditto.
Pacific OCS - likewise.
ANWR - fergeddaboudit.
Billions given to the Brazilian Government owned Petrobras
U.S. to become biggest oil producer and energy independent - Nov. 12, 2012
We had eight years with an oil man in the WH. But Obama and technology have made the oil a major oil producer.
The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.
From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.
Related: the facts about oil and gas under Obama
According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.
"In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand," it said. "Exports on the scale that we project would not play a large role in domestic price setting."
North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.
But since the USA has been the world's leader in consumption of energy at about 25% (despite just 4 or 5% of the population,) seems sensible to ramp up production. But energy independent, no more imports? Not in our lifetime.
I wonder what the authors mean by "biggest oil producer". It seems to me that even at the volumes projected by the EIA, Russia and Saudi Arabia will still be making more are doing so today.
What does appear to be happening is that the EIA is signaling that the US might be able to achieve the same levels of oil production they once did in the early 70's.
This actually does have its own importance. Such increased production is currently negating the value of Hubbert's bell shaped curve profile in its entirety, in such a way that even the moronic peak oilers would understand, and should US production achieve the levels last seen in the early 70's it would take down his last standing prediction from his 1956 paper (the others having already been dispatched by reality).
Those who have noted that a commodity like oil, sold on a global market, will not change the prices Americans pay for their products manufactured from crude oil, are probably right. America could produce 15 million a day, and as long as the global demand was there, the price probably wouldn't move much at all for anyone.
The US and Canada produce the marginal barrels of oil on the planet, and therefore the cost of that production will set the global price for as long as they are needed.
