09/30/2011 18 Comments
This is bad new for APPLE’s Peak Oil mavens and good news for America. Low and behold this story is by the left wing National Public Radio. Here are some of the details.
“Two years ago, America was importing about two thirds of its oil. Today, according to the Energy Information Administration, it imports less than half. And by 2017, investment bank Goldman Sachs predicts the US could be poised to pass Saudi Arabia and overtake Russia as the world’s largest oil producer.”
There is more:
Amy Myers Jaffe of Rice University says in the next decade, new oil in the US, Canada and South America could change the center of gravity of the entire global energy supply.
“Some are now saying, in five or 10 years’ time, we’re a major oil-producing region, where our production is going up,” she says.
The US, Jaffe says, could have 2 trillion barrels of oil waiting to be drilled. South America could hold another 2 trillion. And Canada? 2.4 trillion. That’s compared to just 1.2 trillion in the Middle East and north Africa.
Jaffe says those new oil reserves, combined with growing turmoil in the Middle East, will “absolutely propel more and more investment into the energy resources in the Americas.”
Russia is already feeling the growth of American energy, Jaffe says. As the U.S. produces more of its own natural gas, Europe is free to purchase liquefied natural gas the US is no longer buying.
“They’re buying less natural gas from Russia,” Jaffe says. “So Russia would only supply 10 percent of European natural gas demand by 2030. That means the Russians are no longer powerful.”
I recommend reading the whole article HERE. Then ask yourself what are the domestic implications? With plentiful oil and cheap gas, do we really need to spend billions on subsides to develop alternative energy to get us off foreign oil, with all this oil in our own back yard. What will Russia and Saudi Arabia do? They could be subsidizing US environmentalist groups to put a stop to this boom, including environmentalist efforts to demonize “fracking” which is the key technology to this boom.