Thursday, November 14, 2013

US Will Be Largest Oil Producer

By Micah Halpern
I've Been Thinking:

The International Energy Agency just released a report that says that the US will become the world's largest producer of oil by 2015.

That is good news and bad. Using new technology, especially hydraulic fracking, the United States is able to utilize shale and the natural gas and oil that are contained within.

The bad news is that the United States will not stay on top for very long. Shale reserves will be depleted by 2030.

The IEA also reported also that, over the next few years, 75% of all energy consumed in the world will be in Asia and that India is quickly outpacing China in energy consumption. By 2020 India will be consuming more energy than China.

Within the world of oil and energy both production and consumption are taking shape. It looks like things are changing - but are they really? If alternatives are not found, in 15 years we will be right where we started and Saudi Arabia will once again be the world's largest producer and largest exporter of oil. 

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