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The U.S. will surpass Saudi Arabia and Russia to become the world's largest oil producer by 2017...

The U.S. will surpass Saudi Arabia and Russia to become the world's largest oil producer by 2017 and become "all but (energy) self-sufficient" by 2030, the IEA predicts in its annual World Energy Outlook. The forecast highlights how the U.S. shale revolution is changing the energy sector, although analysts warn that the nature of shale production means that the growth the IEA predicts isn't guaranteed.
Comments (24)
  • Cerberus
    , contributor
    Comments (200) | Send Message
     
    Great, lets go ahead and use up whatever oil we have left on our land then we will have no choice but to import once we run out.... smart thinking America....
    12 Nov 2012, 06:44 AM Reply Like
  • chopchop0
    , contributor
    Comments (3240) | Send Message
     
    Doesn't seem like I see your rant mentioned factually in the OP anywhere
    12 Nov 2012, 06:59 AM Reply Like
  • CommodityRun
    , contributor
    Comments (121) | Send Message
     
    Glad the IEA finally gets the power of American innovation in oil and gas E&P, we will nicely grow GDP just on domestic production, and Energy / Transport prices are about to go down significantly for US based industries.

     

    Cerb, this is the only light at the end of the deficit / stagflation tunnel.
    12 Nov 2012, 07:31 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (998) | Send Message
     
    If this gets us out of burning OPO (Other People's Oil) then I'm all for it.

     

    Rather than waste our young folks' lives securing our energy by force, we can use their talents fixing the current state of affairs right in our own back yard.

     

    Kudos to the pioneers who commercialized deep well fracking.
    12 Nov 2012, 07:51 AM Reply Like
  • positivethoughts
    , contributor
    Comments (1822) | Send Message
     
    Not attacking you. Just stating my opinion in regards. War has nothing to do with oil. War is an industry, just like the cattle or textile industry.
    12 Nov 2012, 09:59 AM Reply Like
  • Jack Wildcat
    , contributor
    Comments (164) | Send Message
     
    Hey smart guy with current technology we get about 15%-25% of potential oil. Tertiary injections CO2 you get about 30% total. We aren't running out by any means, we are waiting on the technology to catch up. There is plenty down there. M
    12 Nov 2012, 11:18 AM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    Exactly the opposite of reality.

     

    The US Oil Strategy since the end of WWII, has been to use everyone else's oil, and save our own. It is no secret that the US is sitting on proven reserves that could power the planet without skipping a beat for the next 300+ years at the current growth rate.

     

    The US should isolate itself, sooner than later. We can use our own oil, and ignore them. After 24 hrs they (also rans) would go nuts.

     

    You can't have a Superbowl with only one team, right? We quit, everything stops dead.
    13 Nov 2012, 04:05 AM Reply Like
  • ippotr
    , contributor
    Comments (51) | Send Message
     
    Just because we will be energy self-sufficient does not mean will enjoy lower oil/gas prices. The only way to ensure that, is to remove " Wall Street"(blood sucking leeches),from setting market prices.
    12 Nov 2012, 08:03 AM Reply Like
  • chopchop0
    , contributor
    Comments (3240) | Send Message
     
    you mean remove US Oil from the global market? Yeah I think that's what you meant. Let me know how subsidies to their own people have worked out for south american countries
    12 Nov 2012, 09:08 AM Reply Like
  • eagle1003
    , contributor
    Comments (1500) | Send Message
     
    We should be using up the Arab's oil first. It really isn't costing that much anyway. It's no coincidence that the amount of money the FED is printing every month, out of thin air, is about the same as the cost of imported oil. America is paying it's debts with funny money.
    12 Nov 2012, 08:51 AM Reply Like
  • Steve in TN
    , contributor
    Comments (670) | Send Message
     
    Not true eagle,
    The more the Fed prints the more diluted the dollar becomes AND it's worth less. Since the world oil price is in dollars we pay a higher price. Simplified...10% more printing of $$$, 10% higher oil price for us.
    12 Nov 2012, 09:47 AM Reply Like
  • dnorm1234
    , contributor
    Comments (870) | Send Message
     
    >10% more printing of $$$, 10% higher oil price for us.

     

    Citation, please.
    12 Nov 2012, 10:30 AM Reply Like
  • Machiavelli999
    , contributor
    Comments (829) | Send Message
     
    Wrong and you actually hit on the biggest proof that the dollar is NOT being debased. The price of oil has increased using whatever currency you choose.
    12 Nov 2012, 11:20 AM Reply Like
  • kmi
    , contributor
    Comments (3995) | Send Message
     
    A huge chunk of the trade deficit is energy related; this means we export capital to obtain energy.

     

    Yes we can print.

     

    But -today- in the current state of affairs the country's finances are in, it makes less and less sense to do so. Borrowing more money to fund our energy needs and sending that money to overseas producers is a worse plan than, say, consuming our own domestically produced energy.
    13 Nov 2012, 06:15 AM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2476) | Send Message
     
    hahahah...never in their wildest imaginations did the envirowhackjobs think we would become self sufficient in energy by increasing SUPPLY...it was all demand management to them: specifically, trains, busses, bikes and walking for us (not themselves of course). Biggest victory for supply side economics since the Reagan years...oddly enough, in the exact same sector.
    12 Nov 2012, 10:33 AM Reply Like
  • Machiavelli999
    , contributor
    Comments (829) | Send Message
     
    " The U.S. will surpass Saudi Arabia and Russia to become the world's largest oil producer by 2017"

     

    Not if Obama can help it. And over Nancy Pelosi's dead body.
    12 Nov 2012, 11:19 AM Reply Like
  • gdonelson
    , contributor
    Comments (36) | Send Message
     
    That 'pie' is so high in the sky that the Hubble Deep Space Telescope can't even see it. I suspect that if someone used all the variables in the IEA report to determine probability outcome the chance of this prediction coming true is one millionth of one percent. Perhaps less. Great fodder for the MSM though!
    12 Nov 2012, 11:38 AM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2476) | Send Message
     
    Watch it Machiavelli! The FBI will be knocking on your door soon. And Homeland security. And the IRS. And FEMA..and God knows who else.

     

    Why bother with terrorists blowing away US soldiers in Benghazi and Texas when ya can chase someone who hopes we could be rid of feminazis?
    12 Nov 2012, 04:32 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1822) | Send Message
     
    The U.S. staged that Benghazi attack. They funded, supported and helped plan the attack on their own embassy. It is so obvious. 19 hours to respond. CentCom asking spec ops to stand down.
    12 Nov 2012, 04:41 PM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    PT,
    CENTCOM cannot ask SOCOM to stand down. SOCOM exists outside of the normal chain of command, and is not a subordinate command to CENTCOM, fact.

     

    As a retired Veteran, I can assure you that CENTCOM report directly to Joint Chiefs (JCS), while SOCOM reports DIRECTLY to the, POTUS, AND SECDEF (outside the normal chain of command).

     

    (U.S. Special Operations Command prepares assigned forces to carry out special operations, psychological operations and civil affairs missions as required. Also, the command plans for and conducts special operations if directed by the POTUS or the SECDEF. These operations may / may not be conducted in peacetime or during hostile actions against a known / unknown enemy of the US, and do not require Congressional approval, nor their knowledge.)
    14 Nov 2012, 03:39 AM Reply Like
  • Bob West
    , contributor
    Comments (7) | Send Message
     
    Great News!
    Good Luck to all of US!
    12 Nov 2012, 12:54 PM Reply Like
  • Billntx
    , contributor
    Comments (13) | Send Message
     
    But what will we do with all these great military weapons?
    12 Nov 2012, 01:37 PM Reply Like
  • dheuring
    , contributor
    Comments (7) | Send Message
     
    "Boys and girls dream dreams, but when you become an adult, you have to deal with reality...."
    America doesn't need to be come 'Energy independent' ... whatever that means. And America doens't need to expend our resources foolishly. Why do you think that our Government has been helping big oil all over the world 'discover' and extract, etc. other country's natural resources for the last 60 years? And why do you think it is still cheaper to buy an export in this country than it is less than half the distance away on other continents?
    What America needs is to keep it's resources until everyone else is out of theirs. Then , we'll see what expensive oil is!
    12 Nov 2012, 02:00 PM Reply Like
  • kmi
    , contributor
    Comments (3995) | Send Message
     
    The global oil exploration and development market has changed dramatically while you weren't looking.

     

    Exxon and Chevron no longer monopolize the best drilling techniques, expertise, and people. It's becoming less and less profitable to develop other people's resources as well as more difficvult to extract favorable terms from sovereign nations now very well versed in dictating and demanding terms.

     

    For US companies, US oil extraction is becoming less a fallback and more a necessity.
    13 Nov 2012, 06:20 AM Reply Like
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