Friday, December 9, 2022
Hawai'i Free Press

Current Articles | Archives

Monday, November 19, 2012
U.S. Redraws World Oil Map
By NCPA @ 3:08 PM :: 7356 Views :: National News, Ethics, World News, Family

U.S. Redraws World Oil Map

From NCPA

The shale-oil boom can help the United States surpass Saudi Arabia as the largest oil supplier by 2020, according to the International Energy Agency (IEA). Such a change could have major ramifications for U.S. politics and diplomacy. In short, the global energy map is being reconfigured due to the resurgence of America as a major gas producer, says the Wall Street Journal.

The IEA is joining other forecasters such as the Organization of the Petroleum Exporting Countries (OPEC) and the U.S. Energy Information Administration in predicting the sharp rise in U.S. oil production in the coming years.

  • U.S. oil production is projected to be at 11.1 million barrels a day in 2020.
  • The IEA says natural gas will displace oil as the largest single fuel in the U.S. energy mix by 2030.

Kevin Book, managing director at Clearview Energy Partners LLC, observes that American energy policy is still influenced by the experiences from the 1970's supply shocks. However, the current reality is the age of energy adequacy.

  • According to an analyst at Raymond James, the question is: will federal regulators allow these exports to materialize?
  • Allowing exports could be politically tricky. The crude export ban was designed to ensure U.S. energy security following the Arab oil embargo in 1973.

The current ban will create limitations.

  • The United States could soon be awash in easier-to-process domestic crude oil -- with no way to get rid of the excess supply, because U.S. law generally bans crude-oil exports.
  • That would force new investment in refining capacity for lighter, sweeter grades of oil.
  • Nonetheless, to realize America's full potential as an energy supplier while boosting the economy, it must commit to global markets.

Regardless of the limitations facing export, there is a strong domestic market.

  • Made-in-USA oil is already displacing imports of similar crude from West Africa, and the market for it could be saturated as early as 2013.
  • Within a decade, the IEA forecasts U.S. oil imports will fall by more than half, to just 4 million barrels a day from 10 million barrels a day currently.

OPEC will continue to be the powerhouse of global production, the agency said, but a growing portion of its output will go to nations like China and India instead of North America.

Source: Benoit Faucon and Keith Johnson, "U.S. Redraws World Oil Map," Wall Street Journal, November 13, 2012.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT