Not Logged In Log In   Sign Up   Points Leaders
Follow Us    4:04 PM

GasBuddy News Article

46
votes
U.S. set to overtake Saudi in oil output: IEA

By MarketWatch -- LONDON--A shale oil boom means the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly transform not just the world's energy supplies, but also its geopolitics, the International Energy Agency said Monday.

In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map, "is being redrawn by the resurgence in oil and gas production in the United States."


Read the Full Article

Submitted Nov 12, 2012 By: tobasco
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. set to overtake Saudi in oil output: IEA Back to Topics
REPLIES (newest first) Post a Reply
WalkingWV
Champion Author West Virginia

Posts:3,883
Points:809,450
Joined:May 2008
Message Posted: Nov 12, 2012 11:15:53 PM

Do we get to run OPEC now?
eomc17
Champion Author Tucson

Posts:2,218
Points:158,010
Joined:Mar 2007
Message Posted: Nov 12, 2012 7:27:05 PM

Sure and our gas prices will keep going up even though our demand is at an 11 year low and declining due motorists being unable or unwilling to keep paying hyper-inflated gasoline prices.
52MPG
Champion Author Dayton

Posts:10,636
Points:2,551,275
Joined:Apr 2006
Message Posted: Nov 12, 2012 7:04:11 PM

Eight years away and four will be under Obama. Might not happen by 2020.
jimmy544
Champion Author Boston

Posts:7,891
Points:1,407,455
Joined:Feb 2011
Message Posted: Nov 12, 2012 6:42:32 PM

I think someone is smokin that wacko tobbacco thar is getting legal...
Mowerman08
Champion Author Milwaukee

Posts:7,726
Points:1,986,090
Joined:Aug 2008
Message Posted: Nov 12, 2012 6:41:51 PM

Could have happened years ago if the Democrats hadn't been in charge. The biggest obstacles to energy independence are the Democrats and Obama.
Bookieecon
Veteran Author Georgia

Posts:286
Points:107,825
Joined:Aug 2012
Message Posted: Nov 12, 2012 6:41:22 PM

In OPEC, Venezuela will be the #1 exporter of oil to China. Venezuela has a larger proven oil reserve than Saudi Arabia. They have already establish trade agreements cash for oil. So, we going to hand the job of protecting the oil lanes to the Chinese Navy, which means they are going to have to increase military spending. That means we have to increase our military spending to make sure that we have the edge on them. Like a hamster in a wheel.
damp_yankee
Rookie Author Shreveport

Posts:28
Points:1,867,160
Joined:Oct 2008
Message Posted: Nov 12, 2012 6:40:55 PM

despite Obungler?
silvershark69
Champion Author Minnesota

Posts:4,271
Points:1,182,420
Joined:Dec 2011
Message Posted: Nov 12, 2012 6:36:45 PM

Yes, and with Obama in Office
no8c
Champion Author Ohio

Posts:5,614
Points:1,480,435
Joined:Jul 2008
Message Posted: Nov 12, 2012 6:36:45 PM

Thanks for posting this article!
BIGREDNM
Champion Author Albuquerque

Posts:3,969
Points:919,240
Joined:Oct 2010
Message Posted: Nov 12, 2012 6:36:34 PM

But we still have greed.
roger1315
Champion Author North Carolina

Posts:3,969
Points:1,298,090
Joined:Feb 2011
Message Posted: Nov 12, 2012 6:34:51 PM

ok
dcone2
Champion Author Los Angeles

Posts:3,110
Points:837,805
Joined:Jul 2012
Message Posted: Nov 12, 2012 6:32:30 PM

ok
Banjoe
Champion Author Winnipeg

Posts:9,496
Points:1,449,005
Joined:Apr 2011
Message Posted: Nov 12, 2012 6:27:29 PM

Prices won't come down so what's the point?

Sove the continent's oil for our children and just run up artificial debt to finance the latest deliveries.

The plan is coming together!
1COR1533
Champion Author San Jose

Posts:4,946
Points:1,093,245
Joined:Jun 2012
Message Posted: Nov 12, 2012 6:25:21 PM

as long as the prices come down
RockCity
Champion Author Denver

Posts:11,545
Points:2,248,085
Joined:Mar 2009
Message Posted: Nov 12, 2012 6:23:47 PM

Like they said in the movie years ago. We don't worry about what the arabs do, because we are the arabs, perhaps.
prcoqui
Champion Author Maryland

Posts:5,843
Points:2,189,000
Joined:Dec 2006
Message Posted: Nov 12, 2012 6:23:15 PM

Will not reduce the price of gasoline.
bsmerl
Champion Author Florida

Posts:1,096
Points:900,170
Joined:Nov 2004
Message Posted: Nov 12, 2012 6:22:29 PM

stick that in your pipe and smoke it Republicans....tell me how bad obama is...
Jeeputtputt
Champion Author Ohio

Posts:3,042
Points:693,325
Joined:Aug 2009
Message Posted: Nov 12, 2012 6:20:33 PM

$$$$$$$$$
DeepWaterTitan
Champion Author Riverside

Posts:1,657
Points:543,690
Joined:Sep 2010
Message Posted: Nov 12, 2012 6:19:17 PM

Good
SUNOIL
Champion Author Toledo

Posts:8,625
Points:2,716,385
Joined:Jul 2007
Message Posted: Nov 12, 2012 6:11:58 PM

Who would have ever thought
getalong
Champion Author California

Posts:2,407
Points:431,405
Joined:Aug 2007
Message Posted: Nov 12, 2012 4:53:02 PM

and who among you is going to change anything?
Sneakers55
Champion Author Houston

Posts:64,640
Points:2,842,415
Joined:Nov 2005
Message Posted: Nov 12, 2012 4:49:45 PM

On Nov 12, 2012 11:25:46 AM, RBob wrote:

>Hope this does not just end up being more subsidized big profits
>for the oil barons at the expense of the American public.

OBUMMER says the subsidy he wants to cut is four billion dollars. Every other manufacturing company gets the same production tax credit, why not Big Oil? Besides, an awful lot of the American public receives dividends paid for out of Big Oil profits.

>Congress needs to get rid of big oil's vertical monopolies...

Earth to RBob... Big Oil has been dumping their so-called "vertical monopolies" (Big Oil is no monopoly, there are seven different companies represented in my reporting area) by spinning off their refining and retailing assets.

>oh I forgot big oil owns the leadership in Congress.

Only the part Big Pharma does not own.

Sneakers55
Champion Author Houston

Posts:64,640
Points:2,842,415
Joined:Nov 2005
Message Posted: Nov 12, 2012 4:35:35 PM

On Nov 12, 2012 3:23:26 PM, Maddog wrote:

>I don't get it. If we are going to be the largest producer, why
>would we be importing any oil?

Because we consume a disproportionate portion of the world's energy resources.
dpt
Champion Author Michigan

Posts:3,241
Points:2,880,460
Joined:Mar 2005
Message Posted: Nov 12, 2012 4:32:24 PM

It might affect the WORLD price, at least.
NAVYHM
All-Star Author Cleveland

Posts:761
Points:1,431,080
Joined:May 2008
Message Posted: Nov 12, 2012 4:30:29 PM

YEAH, BUT IT'S OUTPUT TOO EXPORTS... A VERY BAD IDEA FROM THE START...
jimedB
Champion Author Riverside

Posts:3,690
Points:315,040
Joined:Jun 2012
Message Posted: Nov 12, 2012 4:29:17 PM

Won't happen till 2035 acording to another report I saw this morning.
NashGas
Champion Author Nashville

Posts:3,898
Points:952,210
Joined:Dec 2009
Message Posted: Nov 12, 2012 4:28:55 PM

USA!
Maddog
Sophomore Author Twin Cities

Posts:167
Points:132,615
Joined:Jun 2002
Message Posted: Nov 12, 2012 4:23:26 PM

I don't get it. If we are going to be the largest producer, why would we be importing any oil?
afghaned
Champion Author Ottawa

Posts:16,440
Points:2,098,990
Joined:May 2004
Message Posted: Nov 12, 2012 4:22:12 PM

Old news.
Night Owl
Champion Author Toronto

Posts:10,845
Points:2,601,505
Joined:Jul 2004
Message Posted: Nov 12, 2012 4:17:46 PM

Let's hope oil prices fall significantly because of this.
BuckyTJones
Champion Author Salt Lake City

Posts:5,441
Points:1,137,585
Joined:Mar 2010
Message Posted: Nov 12, 2012 3:40:53 PM


How many different ways can this be said ?
rcornel
Champion Author San Diego

Posts:2,657
Points:910,960
Joined:Jun 2012
Message Posted: Nov 12, 2012 3:05:36 PM

Interesting....
gizbo123
Champion Author Los Angeles

Posts:3,127
Points:2,415,925
Joined:Dec 2005
Message Posted: Nov 12, 2012 2:39:17 PM

Why are we importing???
bdl7431
Sophomore Author Columbus

Posts:105
Points:426,275
Joined:Aug 2007
Message Posted: Nov 12, 2012 1:26:46 PM

Also, don't expect lower pump prices - oil shale requires a minimum price per barrel of about 65 IIRC, so don't expect gas to drop too far below current levels.
bdl7431
Sophomore Author Columbus

Posts:105
Points:426,275
Joined:Aug 2007
Message Posted: Nov 12, 2012 1:25:25 PM

Sure.....and I have a bridge in Brooklyn I'd like to sell you as well. Or, if they're going to make these staements, at least have them over over my garden so much needed fertilization can occur......
fedupMN
Champion Author Twin Cities

Posts:5,893
Points:1,216,220
Joined:Mar 2011
Message Posted: Nov 12, 2012 1:06:30 PM

By 2020, and until then then, hang on for the ride.
molebaby96
Champion Author Tallahassee

Posts:3,467
Points:1,227,700
Joined:Nov 2011
Message Posted: Nov 12, 2012 12:52:43 PM

Hope it will lower the price at the pump.
JoeKR
Champion Author New Jersey

Posts:12,377
Points:2,147,540
Joined:Feb 2006
Message Posted: Nov 12, 2012 12:39:36 PM

But Saudi Arabia is investing in alternative energies.
briinnc
Champion Author North Carolina

Posts:2,705
Points:834,820
Joined:Jan 2010
Message Posted: Nov 12, 2012 12:39:18 PM

Good for us, I wish.
RBob
Champion Author Portland

Posts:5,338
Points:3,080,730
Joined:May 2004
Message Posted: Nov 12, 2012 12:25:46 PM


Hope this does not just end up being more subsidized big profits for the oil barons at the expense of the American public. Congress needs to get rid of big oil's vertical monopolies...oh I forgot big oil owns the leadership in Congress.

investmentdr
Champion Author Cleveland

Posts:6,746
Points:2,244,025
Joined:Sep 2008
Message Posted: Nov 12, 2012 12:21:12 PM

non (price) event
Nancy&Len
Champion Author Cleveland

Posts:5,249
Points:2,741,325
Joined:Sep 2004
Message Posted: Nov 12, 2012 12:05:36 PM

Right.
humblepie
Champion Author Toledo

Posts:65,113
Points:3,185,745
Joined:Mar 2006
Message Posted: Nov 12, 2012 11:52:45 AM

and the tooth fairy is real and obama will quit spending and and and
el_fr
Champion Author Massachusetts

Posts:6,721
Points:1,578,180
Joined:Apr 2011
Message Posted: Nov 12, 2012 11:45:47 AM

Cool. Let's make sure we do this intelligently
Cruzinwritr
Champion Author San Diego

Posts:2,640
Points:367,325
Joined:Oct 2012
Message Posted: Nov 12, 2012 11:44:54 AM

Hoping this turns out to be a good thing, wont hold my breath.
rjojo40
Champion Author Las Vegas

Posts:8,698
Points:1,239,765
Joined:Feb 2004
Message Posted: Nov 12, 2012 11:30:43 AM

I just hope the United States treats there citizens as good as the Saudi's treat theirs. after this world changing event.
peakkeller
Champion Author Colorado Springs

Posts:2,464
Points:940,545
Joined:Dec 2009
Message Posted: Nov 12, 2012 11:20:18 AM

This will be great.
dorisntx
Champion Author Fort Worth

Posts:2,079
Points:1,298,280
Joined:Apr 2011
Message Posted: Nov 12, 2012 11:16:11 AM

ok
johton
Champion Author Seattle

Posts:4,593
Points:1,124,380
Joined:Jun 2012
Message Posted: Nov 12, 2012 11:13:46 AM

I bet will still import a lot of oil from them.
Yooperheart
Champion Author Michigan

Posts:7,325
Points:1,340,200
Joined:Feb 2010
Message Posted: Nov 12, 2012 11:13:43 AM

O-key doe-key.
RONALD777
Champion Author Houston

Posts:139,221
Points:1,202,005
Joined:Nov 2007
Message Posted: Nov 12, 2012 11:08:47 AM

Glad to hear this.
Post a reply Back to Topics