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Tapping Shale Reserves, US Would Become World's Top Oil Producer By 2017

Posted by Unknown on from the where's-al-gore-now dept.

Hugh Pickens writes "The NY Times reports that according to a report by the International Energy Agency, the U.S. will overtake Saudi Arabia as the world's leading oil producer by about 2017, will become a net oil exporter by 2030, and will become 'all but self-sufficient' in meeting its energy needs in about two decades — a 'dramatic reversal of the trend' in most developed countries. 'The foundations of the global energy systems are shifting,' says Fatih Birol, chief economist at the Paris-based organization, which produces the annual World Energy Outlook. There are several components of the sudden shift in the world's energy supply, but the prime mover is a resurgence of oil and gas production in the United States, particularly the unlocking of new reserves of oil and gas found in shale rock. The widespread adoption of techniques like hydraulic fracturing and horizontal drilling has made those reserves much more accessible, and in the case of natural gas, resulted in a vast glut that has sent prices plunging. The agency's report was generally 'good news' for the United States says Michael A. Levi, senior fellow for energy and environment at the Council on Foreign Relations, because it highlights the nation's new sources of energy but Levi cautions that being self-sufficient does not mean that the country will be insulated from seesawing energy prices, since those oil prices are set by global markets. The message is more sobering for the planet, in terms of climate change. Although natural gas is frequently promoted for being relatively low in carbon emissions compared to oil or coal, the new global energy market could make it harder to prevent dangerous levels of warming (PDF). 'The report confirms that, given the current policies, we will blow past every safe target for emissions,' says Levi. 'This should put to rest the idea that the boom in natural gas will save us from that.'" The folks over at The Oil Drum aren't quite so optimistic: shale reserves may have an abysmal EROI. And, of course, Global Warming is a liberal myth.

5 of 467 comments (clear)

  1. It's a sad sign of the times by aurispector · · Score: 5, Insightful

    When the partisan political aspect of an issue is already included in the original post.

    Bettter to shut down discussions about AGW before they start! It's settled science!

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    I have mod points. The reign of terror begins now.
    1. Re:It's a sad sign of the times by jellomizer · · Score: 5, Insightful

      The problem lies in the fact the issue isn't black and white. Yes fossil fuels cause Global Warming. However we can't get get off the stuff, as Fossil Fuels are a relatively concentrated, and stable form of energy, that can moved and transported and held in long term reserves.
      We cannot go off fossil fuels. Alternative energy isn't there yet. In the mean time we need to use it, and if we can get it from politically safer areas all the better. If we don't have to buy oil from the Middle east, we can set back and watch them kill themselves over their petty differences without much intervention from us.

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      If something is so important that you feel the need to post it on the internet... It probably isn't that important.
    2. Re:It's a sad sign of the times by ShanghaiBill · · Score: 5, Insightful

      The ones with almost zero safety/waste issues who's theory has been known for decades but none have been built...?

      Lots of things that are really simple in theory turn out to be rather complicated in practice. Pebble bed reactors have been mentioned many times as a panacea for nuclear problems. But when the Germans actually build one they had lots of problems that the theorists didn't foresee. The Chinese are trying again, but nobody sees PBRs as a silver bullet anymore. Since the beginning of the nuclear age people have put forth "simple" designs that will solve all our problems and make energy too cheap to meter, but reality keeps getting in the way.

  2. They'd Sell to Other Countries by GeneralTurgidson · · Score: 5, Insightful

    This post and a lot of comments make it seem like the oil produced would stay in our country and only used by us. Yea right, it would be sold to the highest bidder on the market, which will probably be China in a couple of years. Meanwhile our country is turned into a wasteland from this and fracking.

  3. Re:"Peak Oil" by VortexCortex · · Score: 5, Insightful

    I agree. Furthermore: Burning Oil is BAD -- No, hear me out. We should be using it to make plastics and other neat stuff, not wasting it as a fuel. I agree we need to use it now, but think of the future, when alternative energies are viable -- We'll curse ourselves for wasting all that valuable material used to make everything from medical supplies to computer screens. We won't stop pumping oil until every last drop is gone, even if we stop using it as a fuel.