By 2020, the US is projected to become the world’s largest global oil producer.

(Energy and Capital)

Despite Barack Obama’s best efforts, the current shale boom is projected to turn the US into the world’s largest oil producer.
Rigzone reported:

A shale oil boom means the U.S. will overtake Saudi Arabia as the world’s largest oil producer by 2020, a radical shift that could profoundly transform not just the world’s energy supplies, but also its geopolitics, the International Energy Agency said Monday.

In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map “is being redrawn by the resurgence in oil and gas production in the United States.”

The assessment is in stark contrast with last year, when it envisioned Russia and Saudi Arabia vying for the top position.

“By around 2020, the United States is projected to become the largest global oil producer” and to overtake Saudi Arabia for a time, the agency said. “The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030.”

This major shift will be driven primarily by the faster-than-expected development of hydrocarbon resources locked in shale and other tight rock formations that have just started to be unlocked by a new combination of two technologies: hydraulic fracturing and horizontal drilling.

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. Much of this decline will be due to higher domestic production, but efforts to improve energy efficiency in the transport sector will also prove significant, the IEA said.

Of course, these gains in oil production occurred in spite of Obama’s anti-energy policies.
The Institute for Energy Research reported:

The Energy Information Administration (EIA) is projecting that U.S. domestic crude oil production will increase to 6.8 million barrels per day in 2013, which is the highest level of production since 1993.[i] This is good news for Americans, and, of course, President Obama will try to take credit for it. But little of this increased oil production is in offshore waters of the Gulf of Mexico where most federal oil production occurs. In fact, federal Gulf of Mexico oil production decreased in fiscal year 2011 and then again in fiscal year 2012 due to the Obama Administration’s policies, particularly the moratorium on drilling and permitting that occurred after the Macondo accident and other policies…

…The trend during the Obama Administration has been toward fewer leases and permits for oil and gas drilling and a longer processing time before approval is attained in sharp contrast to state programs where permits are obtained in less than a month. Further, these Obama Administration policies along with its moratorium on drilling after the Macondo accident have reduced the amount of oil produced on federal lands that we Americans own. Gulf of Mexico oil production is not even expected to regain the peak it reached in 2010 by 2013, according to the EIA. If states can take less than a month to approve drilling permits on their lands, why does it take the federal government 307 days to reach approval? The record is becoming clear that the federal government is a poor steward of our national energy supplies and security.

 

 

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  1. all hail to the states! nobama!

  2. This news has got to be extremely frustrating for King Barack. Let me be clear/make no mistake: much work remains to be accomplished through the EPA’s regulatory apparatus! It is, after all, for the children, the environment, fairness, etc and et al.

  3. I would say: Depite Obama’s Worst Efforts

  4. OT

    Sometimes people can surprise you. Take the occupy wallstreet crowd. Who’d a thunk it.

    http://www.huffingtonpost.com/daniel-marans/occupy-sandy-volunteers_b_2101396.html

  5. Obama is a socialist and, as part of his twisted psyche, will take credit for the increase.

  6. I’m sure Obama is trying to figure a way to give Saudi Arabia the profits. Hillary Clinton & Susan Rice are probably at the UN working out the details.

  7. Obama is a socialist and, as part of his twisted psyche, will take credit for the increase.”

    Im afraid #5 Jim is right.Obama is completely shameless. He has already taken credit for increased production due to Bushs policy that may have tilted the election in his favor in shale country!
    Ive had enough ,let the impeachment proceedings begin!

  8. As Obama closes down about 1.5 million acres out west. I mean what the hell would the Govt do with all the extra revenues generated from oil /gas ??? Not like we have 47% of the country on welfare of some sort and a $1.2 trillion deficit or $16 trillion debt.

    I hope we can impeach this traitor

  9. Occupy ChimpyMcHalliburton!

    /channeling Soros

  10. Don’t worry, we’re on it. Injecting the waste water deep underground has got to be harmful somewhere.

  11. In other words: imagine where we’d be WITHOUT Obama’s interference and roadblocks!

  12. Don’t worry, Obama will take credit for all of this just like he does all the time with increased oil production on private lands…

    http://www.krmg.com/news/news/local/fact-check-oil-production-under-obama-only-private/nLZmf/

    Cheers!

  13. #5 November 13, 2012 at 9:58 am
    Jim commented:

    He did just that during the Presidential debates. He took credit for the increase in oil production that had already occurred on private property.

  14. All of this depends on fracking. Do you think Obama’s EPA won’t make fracking de facto illegal. Think again.

  15. #14: He absolutely will do exactly that – using the EPA as his club (and also threatening to withhold federal funds to the individual states who resist). And nothing will be done about it. He IS King Barack, after all, and can do as he pleases. The media will give him cover, the senate will assist him and the U.S. House will hold a couple of hearings and threaten some EPA flunky eight rungs down the ladder with a public scolding. Gas prices will continue to climb, along with the cost of food, while the urban tapeworms, wobblies and faculty lounge fuhrers of Obama’s base burrow ever deeper into the public teat.

  16. Until heir obummer stops that as well…he can’t have any american succeed because that means he fails in his destruction of america

  17. Basil Duke – And the anti-fracking movie “Promised Land” (the equivalent to “The China Syndrome”) is about to be released. Then the public outcry will really begin and you can kiss fracking and all this anticipated oil production goodby.

  18. Bill, it’ll be another “Silent Spring”-type hit job. Faked science, slathered in alarums about a hideous threat to the children, and – presto! – domestic oil production is severely limited. And the very same leftwing scumbags who’ve bleated for a generation about “No More Blood For Oil!” will lead this particular charge.



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