Not Logged In Log In   Sign Up   Points Leaders
Follow Us    11:29 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
Profile Pic
WalkingWV
Champion Author West Virginia

Posts:3,875
Points:808,385
Joined:May 2008
Message Posted: Nov 12, 2012 11:15:53 PM

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

Posts:2,214
Points:157,630
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.
Profile Pic
52MPG
Champion Author Dayton

Posts:9,857
Points:2,344,975
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.
Profile Pic
jimmy544
Champion Author Boston

Posts:7,113
Points:1,203,230
Joined:Feb 2011
Message Posted: Nov 12, 2012 6:42:32 PM

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

Posts:7,194
Points:1,796,870
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.
Profile Pic
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.
Profile Pic
damp_yankee
Rookie Author Shreveport

Posts:23
Points:1,681,385
Joined:Oct 2008
Message Posted: Nov 12, 2012 6:40:55 PM

despite Obungler?
Profile Pic
silvershark69
Champion Author Minnesota

Posts:3,509
Points:975,860
Joined:Dec 2011
Message Posted: Nov 12, 2012 6:36:45 PM

Yes, and with Obama in Office
Profile Pic
no8c
Champion Author Ohio

Posts:4,952
Points:1,281,140
Joined:Jul 2008
Message Posted: Nov 12, 2012 6:36:45 PM

Thanks for posting this article!
Profile Pic
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.
Profile Pic
roger1315
Champion Author North Carolina

Posts:3,204
Points:1,090,365
Joined:Feb 2011
Message Posted: Nov 12, 2012 6:34:51 PM

ok
Profile Pic
dcone2
Champion Author Los Angeles

Posts:2,883
Points:662,960
Joined:Jul 2012
Message Posted: Nov 12, 2012 6:32:30 PM

ok
Profile Pic
Banjoe
Champion Author Winnipeg

Posts:8,414
Points:1,216,805
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!
Profile Pic
1COR1533
Champion Author San Jose

Posts:4,200
Points:899,015
Joined:Jun 2012
Message Posted: Nov 12, 2012 6:25:21 PM

as long as the prices come down
Profile Pic
RockCity
Champion Author Denver

Posts:10,701
Points:2,024,740
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.
Profile Pic
prcoqui
Champion Author Maryland

Posts:5,558
Points:2,093,465
Joined:Dec 2006
Message Posted: Nov 12, 2012 6:23:15 PM

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

Posts:1,094
Points:727,005
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...
Profile Pic
Jeeputtputt
Champion Author Ohio

Posts:3,027
Points:692,490
Joined:Aug 2009
Message Posted: Nov 12, 2012 6:20:33 PM

$$$$$$$$$
Profile Pic
DeepWaterTitan
Champion Author Riverside

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

Good
Profile Pic
SUNOIL
Champion Author Toledo

Posts:7,837
Points:2,515,985
Joined:Jul 2007
Message Posted: Nov 12, 2012 6:11:58 PM

Who would have ever thought
Profile Pic
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?
Profile Pic
Sneakers55
Champion Author Houston

Posts:61,930
Points:2,664,870
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.

Profile Pic
Sneakers55
Champion Author Houston

Posts:61,930
Points:2,664,870
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.
Profile Pic
dpt
Champion Author Michigan

Posts:3,020
Points:2,685,540
Joined:Mar 2005
Message Posted: Nov 12, 2012 4:32:24 PM

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

Posts:761
Points:1,430,080
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...
Profile Pic
jimedB
Champion Author Riverside

Posts:2,920
Points:253,385
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.
Profile Pic
NashGas
Champion Author Nashville

Posts:3,659
Points:876,230
Joined:Dec 2009
Message Posted: Nov 12, 2012 4:28:55 PM

USA!
Profile Pic
Maddog
Sophomore Author Twin Cities

Posts:167
Points:130,915
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?
Profile Pic
afghaned
Champion Author Ottawa

Posts:15,272
Points:1,890,365
Joined:May 2004
Message Posted: Nov 12, 2012 4:22:12 PM

Old news.
Profile Pic
Night Owl
Champion Author Toronto

Posts:10,065
Points:2,386,025
Joined:Jul 2004
Message Posted: Nov 12, 2012 4:17:46 PM

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

Posts:5,428
Points:1,135,455
Joined:Mar 2010
Message Posted: Nov 12, 2012 3:40:53 PM


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

Posts:1,978
Points:690,775
Joined:Jun 2012
Message Posted: Nov 12, 2012 3:05:36 PM

Interesting....
Profile Pic
gizbo123
Champion Author Los Angeles

Posts:2,724
Points:2,220,890
Joined:Dec 2005
Message Posted: Nov 12, 2012 2:39:17 PM

Why are we importing???
Profile Pic
bdl7431
Sophomore Author Columbus

Posts:105
Points:282,175
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.
Profile Pic
bdl7431
Sophomore Author Columbus

Posts:105
Points:282,175
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......
Profile Pic
fedupMN
Champion Author Twin Cities

Posts:5,232
Points:1,077,615
Joined:Mar 2011
Message Posted: Nov 12, 2012 1:06:30 PM

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

Posts:3,450
Points:1,054,120
Joined:Nov 2011
Message Posted: Nov 12, 2012 12:52:43 PM

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

Posts:11,745
Points:2,056,040
Joined:Feb 2006
Message Posted: Nov 12, 2012 12:39:36 PM

But Saudi Arabia is investing in alternative energies.
Profile Pic
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.
Profile Pic
RBob
Champion Author Portland

Posts:4,661
Points:2,878,455
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.

Profile Pic
investmentdr
Champion Author Cleveland

Posts:6,090
Points:2,023,545
Joined:Sep 2008
Message Posted: Nov 12, 2012 12:21:12 PM

non (price) event
Profile Pic
Nancy&Len
Champion Author Cleveland

Posts:4,461
Points:2,511,800
Joined:Sep 2004
Message Posted: Nov 12, 2012 12:05:36 PM

Right.
Profile Pic
humblepie
Champion Author Toledo

Posts:57,461
Points:2,977,220
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
Profile Pic
el_fr
Champion Author Massachusetts

Posts:5,943
Points:1,351,005
Joined:Apr 2011
Message Posted: Nov 12, 2012 11:45:47 AM

Cool. Let's make sure we do this intelligently
Profile Pic
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.
Profile Pic
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.
Profile Pic
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.
Profile Pic
dorisntx
Champion Author Fort Worth

Posts:2,079
Points:1,112,580
Joined:Apr 2011
Message Posted: Nov 12, 2012 11:16:11 AM

ok
Profile Pic
johton
Champion Author Seattle

Posts:3,800
Points:915,775
Joined:Jun 2012
Message Posted: Nov 12, 2012 11:13:46 AM

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

Posts:6,475
Points:1,131,575
Joined:Feb 2010
Message Posted: Nov 12, 2012 11:13:43 AM

O-key doe-key.
Post a reply Back to Topics