New Technologies Set To Make U.S. The Worlds Largest Oil Producer By 2017

Posted By on November 13, 2012

This will change everything folks…….Growing supplies of crude oil extracted through new technologies including hydraulic fracturing of underground rock formations will transform the U.S. into the worlds largest producer of oil starting as early as 2017, the Paris-based adviser to 28 nations said in its annual World Energy Outlook. The U.S. met 83 percent of its energy needs in the first six months of this year, according to the Energy Department in Washington. 

Both Canada,  Mexico and South America should also see huge benefit’s from these new oil drilling and recovery technologies now being developed.  This may well end up being the semiconductor growth story of the 1970’s and 1980’s but potentialy being repeated in the 2015 to 2025 period.  If so, it will open up a dynamic new growth horizon for all of North and South American economies.   

 

MORE….

A new IEA report described the U.S.’s advancement toward energy self-sufficiency as “a dramatic reversal of the trend seen in most other energy-importing countries.”

“Around 2017, the U.S. will be the largest oil producer of the world, overtaking Saudi Arabia,” IEA Chief Economist Fatih Birol said at a press conference in London. “This is of course a major development and definitely will have significant implications.”

The U.S. will pump 11.1 million barrels of oil a day in 2020 and 10.9 million in 2025, the IEA said. Those figures are 500,000 barrels a day and 100,000 barrels a day higher, respectively, than its forecasts for Saudi Arabia for those years. The desert kingdom may have a chance to become the biggest producer again by 2030, pumping 11.4 million barrels a day versus 10.2 million in the U.S.

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