Results 1 to 2 of 2

Thread: America is set to surpass Saudi Arabia in a 'remarkable' oil milestone

  1. #1

    America is set to surpass Saudi Arabia in a 'remarkable' oil milestone


    America is set to surpass Saudi Arabia in a 'remarkable' oil milestone
    By Matt Egan, CNN Business
    Updated 11:47 AM ET, Fri March 8, 2019
    https://www.cnn.com/2019/03/08/busin...bia/index.html

    New York (CNN Business) - Move over, Saudi Arabia. America is about to steal the kingdom's energy exporting crown.
    The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.

    That milestone, driven by the transformative shale boom, would make the United States the world's leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.

    "It's nothing short of remarkable," said Ryan Fitzmaurice, energy strategist at Rabobank. "Ten years ago, no one thought it could happen."

    The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.

    Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.

    With ample supply at home, Congress in 2015 lifted the 40-year oil export ban. Overseas oil sales have exploded since then. And the US Gulf Coast is racing to build facilities that can handle surging foreign demand for US crude.

    "Excess fossil fuels from America will find plenty of eager buyers in fast-growing Asia," Per Magnus Nysveen, senior partner at Rystad Energy, wrote in the report. ...



    ...National security, environmental implications

    That dominance means that the United States can increasingly rely on oil pumped at home.

    Earlier this year, the Energy Department's statistics division predicted that the United States will export more energy than it imports in 2020. That hasn't happened since 1953.

    That has important national security implications. While the United States will still need to import oil to power its economy, it's no longer as beholden to foreign oil as it once was. Meanwhile, China is importing more oil than ever before....






    This I say therefore, and testify in the Lord, that ye henceforth walk not as other Gentiles walk, in the vanity (futility) of their mind, having the understanding darkened...
    (Ephesians 4:17-18)

    Blessed is the man that walketh not in the counsel of the ungodly...
    (Psalm 1)

  2. The Following User Says Thank You to GodismyJudge For This Useful Post:

    fuego (03-09-2019)

  3. #2

    Ocasio-Cortez's Green New Deal wouldn't slow climate change, but your electricity costs would skyrocket
    By Roy Spencer
    http://tinyurl.com/y2j3f523


    ...All this points to simple fact: for now, fossil fuels are the moral choice. Mandated reliance on expensive solar and wind energy in the U.S. would make our lives much harder and would make energy much more expensive, hurting poor people the most. And there would be no measurable impact on global temperatures in our, or our grandchildren's, lifetimes....





    This I say therefore, and testify in the Lord, that ye henceforth walk not as other Gentiles walk, in the vanity (futility) of their mind, having the understanding darkened...
    (Ephesians 4:17-18)

    Blessed is the man that walketh not in the counsel of the ungodly...
    (Psalm 1)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
You can avoid major, expensive repair costs with an extended service plan for your Chevrolet. We cover all Chevy models including the Chevrolet Malibu.