United States to be #1 Energy Producer by 2020
At the current rate of energy resource production, the United States is set to surpass Saudi Arabia and become the top oil producer in the world as early as the year 2020. The U.S. also has huge natural gas reserves that are larger than Russia’s reserves.
Energy booms are also happening in Canada and Mexico. North America will soon be a major energy market player in the world. As regulations and restrictions to oil and gas exportation are lifted, the U.S. will be able to provide places, such as Europe, with much needed energy resources and relief.
The U.S. oil/gas trade balance:
- Deficit of $354Bn in 2011
- Breakeven by 2018
- Surplus of over $80Bn in 2020
Rising oil and gas production and exportation in North America will greatly reduce any and all imports and completely change the entire geopolitical energy and power structure in the world.
“Rising oil and gas production and exportation in North America will greatly reduce any and all imports and completely change the entire geopolitical energy and power structure in the world.”
Well said, I would bet my backside on that.
Lloyd,
Good stuff, thank you.
You could add to the global petroleum picture if you report the current status and projected impact of the massive oil and gas discoveries in Australia, specifically those at Coober Pedy.
This Coober Pedy find will also have a major influence on the global petroleum market for many years to come. It is further evidence that the world is NOT running out of oil.
Here is one of many videos on this find:
https://www.youtube.com/watch?v=L5VZMono0s0
But do we really think OPEC is going to go quietly, especially with this last action (or inaction) on their part? They want to engage in a price war with American shale oil companies, that is a very serious threat. Our government has to make sure their market and financial conditions are robust enough to survive that or we may never reach these gas/oil export stats…
Saudi Arabia cutting prices indicates they care more about maintaining market share then maintaining price through OPEC. They realize shale oil companies are not going away any time soon and the Saudis best chance to remain profitable is to remain in the markets they are already. There are some that claim the U.S. government made a deal with the Saudis to hurt Putin and Russia
I believe that the USA is already both the top oil and gas producers in the world. At least it is what the CIA Worldfactbook says on its online edition.
Saudi Arabia is still the top exporter though and will remain so for quite a few more years.