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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."

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Submitted Nov 12, 2012 By: tobasco

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WalkingWV Champion Author West Virginia Posts:3,701 Points:778,845 Joined:May 2008	Message Posted: Nov 12, 2012 11:15:53 PM Ignore WalkingWV Report Abuse Do we get to run OPEC now?
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: Nov 12, 2012 7:27:05 PM Ignore eomc17 Report Abuse 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:7,257 Points:1,740,730 Joined:Apr 2006	Message Posted: Nov 12, 2012 7:04:11 PM Ignore 52MPG Report Abuse Eight years away and four will be under Obama. Might not happen by 2020.
jimmy544 Champion Author Boston Posts:4,104 Points:652,880 Joined:Feb 2011	Message Posted: Nov 12, 2012 6:42:32 PM Ignore jimmy544 Report Abuse I think someone is smokin that wacko tobbacco thar is getting legal...
Mowerman08 Champion Author Milwaukee Posts:4,755 Points:1,217,020 Joined:Aug 2008	Message Posted: Nov 12, 2012 6:41:51 PM Ignore Mowerman08 Report Abuse 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 Ignore Bookieecon Report Abuse 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:18 Points:1,154,085 Joined:Oct 2008	Message Posted: Nov 12, 2012 6:40:55 PM Ignore damp_yankee Report Abuse despite Obungler?
silvershark69 Champion Author Minnesota Posts:1,004 Points:377,940 Joined:Dec 2011	Message Posted: Nov 12, 2012 6:36:45 PM Ignore silvershark69 Report Abuse Yes, and with Obama in Office
no8c Champion Author Ohio Posts:2,799 Points:703,875 Joined:Jul 2008	Message Posted: Nov 12, 2012 6:36:45 PM Ignore no8c Report Abuse Thanks for posting this article!
BIGREDNM Champion Author Albuquerque Posts:3,597 Points:846,760 Joined:Oct 2010	Message Posted: Nov 12, 2012 6:36:34 PM Ignore BIGREDNM Report Abuse But we still have greed.
roger1315 All-Star Author North Carolina Posts:745 Points:492,560 Joined:Feb 2011	Message Posted: Nov 12, 2012 6:34:51 PM Ignore roger1315 Report Abuse ok
dcone2 All-Star Author Los Angeles Posts:914 Points:83,660 Joined:Jul 2012	Message Posted: Nov 12, 2012 6:32:30 PM Ignore dcone2 Report Abuse ok
Banjoe Champion Author Winnipeg Posts:4,240 Points:613,210 Joined:Apr 2011	Message Posted: Nov 12, 2012 6:27:29 PM Ignore Banjoe Report Abuse 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:1,686 Points:314,310 Joined:Jun 2012	Message Posted: Nov 12, 2012 6:25:21 PM Ignore 1COR1533 Report Abuse as long as the prices come down
RockCity Champion Author Denver Posts:7,905 Points:1,426,885 Joined:Mar 2009	Message Posted: Nov 12, 2012 6:23:47 PM Ignore RockCity Report Abuse 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:3,950 Points:1,673,200 Joined:Dec 2006	Message Posted: Nov 12, 2012 6:23:15 PM Ignore prcoqui Report Abuse Will not reduce the price of gasoline.
bsmerl Champion Author Florida Posts:1,088 Points:380,635 Joined:Nov 2004	Message Posted: Nov 12, 2012 6:22:29 PM Ignore bsmerl Report Abuse stick that in your pipe and smoke it Republicans....tell me how bad obama is...
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Nov 12, 2012 6:20:33 PM Ignore Jeeputtputt Report Abuse $$$$$$$$$
DeepWaterTitan All-Star Author Riverside Posts:668 Points:228,890 Joined:Sep 2010	Message Posted: Nov 12, 2012 6:19:17 PM Ignore DeepWaterTitan Report Abuse Good
SUNOIL Champion Author Toledo Posts:5,235 Points:1,924,055 Joined:Jul 2007	Message Posted: Nov 12, 2012 6:11:58 PM Ignore SUNOIL Report Abuse Who would have ever thought
getalong All-Star Author California Posts:796 Points:149,190 Joined:Aug 2007	Message Posted: Nov 12, 2012 4:53:02 PM Ignore getalong Report Abuse and who among you is going to change anything?
Sneakers55 Champion Author Houston Posts:51,285 Points:2,142,950 Joined:Nov 2005	Message Posted: Nov 12, 2012 4:49:45 PM Ignore Sneakers55 Report Abuse 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:51,285 Points:2,142,950 Joined:Nov 2005	Message Posted: Nov 12, 2012 4:35:35 PM Ignore Sneakers55 Report Abuse 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:2,250 Points:2,202,910 Joined:Mar 2005	Message Posted: Nov 12, 2012 4:32:24 PM Ignore dpt Report Abuse It might affect the WORLD price, at least.
NAVYHM All-Star Author Cleveland Posts:761 Points:1,384,955 Joined:May 2008	Message Posted: Nov 12, 2012 4:30:29 PM Ignore NAVYHM Report Abuse YEAH, BUT IT'S OUTPUT TOO EXPORTS... A VERY BAD IDEA FROM THE START...
jimedB Veteran Author Riverside Posts:395 Points:79,065 Joined:Jun 2012	Message Posted: Nov 12, 2012 4:29:17 PM Ignore jimedB Report Abuse Won't happen till 2035 acording to another report I saw this morning.
NashGas Champion Author Nashville Posts:3,089 Points:663,930 Joined:Dec 2009	Message Posted: Nov 12, 2012 4:28:55 PM Ignore NashGas Report Abuse USA!
Maddog Sophomore Author Twin Cities Posts:156 Points:108,020 Joined:Jun 2002	Message Posted: Nov 12, 2012 4:23:26 PM Ignore Maddog Report Abuse I don't get it. If we are going to be the largest producer, why would we be importing any oil?
afghaned Champion Author Hamilton Posts:11,809 Points:1,285,160 Joined:May 2004	Message Posted: Nov 12, 2012 4:22:12 PM Ignore afghaned Report Abuse Old news.
Night Owl Champion Author Toronto Posts:7,545 Points:1,785,625 Joined:Jul 2004	Message Posted: Nov 12, 2012 4:17:46 PM Ignore Night Owl Report Abuse Let's hope oil prices fall significantly because of this.
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: Nov 12, 2012 3:40:53 PM Ignore BuckyTJones Report Abuse How many different ways can this be said ?
rcornel All-Star Author San Diego Posts:721 Points:227,285 Joined:Jun 2012	Message Posted: Nov 12, 2012 3:05:36 PM Ignore rcornel Report Abuse Interesting....
gizbo123 Champion Author Los Angeles Posts:1,511 Points:1,751,050 Joined:Dec 2005	Message Posted: Nov 12, 2012 2:39:17 PM Ignore gizbo123 Report Abuse Why are we importing???
bdl7431 Sophomore Author Columbus Posts:100 Points:36,850 Joined:Aug 2007	Message Posted: Nov 12, 2012 1:26:46 PM Ignore bdl7431 Report Abuse 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:100 Points:36,850 Joined:Aug 2007	Message Posted: Nov 12, 2012 1:25:25 PM Ignore bdl7431 Report Abuse 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:2,949 Points:572,480 Joined:Mar 2011	Message Posted: Nov 12, 2012 1:06:30 PM Ignore fedupMN Report Abuse By 2020, and until then then, hang on for the ride.
molebaby96 Champion Author Tallahassee Posts:2,121 Points:504,415 Joined:Nov 2011	Message Posted: Nov 12, 2012 12:52:43 PM Ignore molebaby96 Report Abuse Hope it will lower the price at the pump.
JoeKR Champion Author New Jersey Posts:9,468 Points:1,742,745 Joined:Feb 2006	Message Posted: Nov 12, 2012 12:39:36 PM Ignore JoeKR Report Abuse 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 Ignore briinnc Report Abuse Good for us, I wish.
RBob Champion Author Portland Posts:3,369 Points:2,346,900 Joined:May 2004	Message Posted: Nov 12, 2012 12:25:46 PM Ignore RBob Report Abuse 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:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Nov 12, 2012 12:21:12 PM Ignore investmentdr Report Abuse non (price) event
Nancy&Len Champion Author Cleveland Posts:2,048 Points:1,944,840 Joined:Sep 2004	Message Posted: Nov 12, 2012 12:05:36 PM Ignore Nancy&Len Report Abuse Right.
humblepie Champion Author Toledo Posts:34,179 Points:2,370,395 Joined:Mar 2006	Message Posted: Nov 12, 2012 11:52:45 AM Ignore humblepie Report Abuse and the tooth fairy is real and obama will quit spending and and and
el_fr Champion Author Massachusetts Posts:3,332 Points:743,725 Joined:Apr 2011	Message Posted: Nov 12, 2012 11:45:47 AM Ignore el_fr Report Abuse Cool. Let's make sure we do this intelligently
Cruzinwritr Champion Author San Diego Posts:1,785 Points:206,200 Joined:Oct 2012	Message Posted: Nov 12, 2012 11:44:54 AM Ignore Cruzinwritr Report Abuse Hoping this turns out to be a good thing, wont hold my breath.
rjojo40 Champion Author Las Vegas Posts:7,367 Points:1,073,895 Joined:Feb 2004	Message Posted: Nov 12, 2012 11:30:43 AM Ignore rjojo40 Report Abuse 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:1,686 Points:776,375 Joined:Dec 2009	Message Posted: Nov 12, 2012 11:20:18 AM Ignore peakkeller Report Abuse This will be great.
dorisntx Champion Author Fort Worth Posts:2,079 Points:644,355 Joined:Apr 2011	Message Posted: Nov 12, 2012 11:16:11 AM Ignore dorisntx Report Abuse ok
johton Champion Author Seattle Posts:1,210 Points:311,190 Joined:Jun 2012	Message Posted: Nov 12, 2012 11:13:46 AM Ignore johton Report Abuse I bet will still import a lot of oil from them.
Yooperheart Champion Author Michigan Posts:3,410 Points:526,050 Joined:Feb 2010	Message Posted: Nov 12, 2012 11:13:43 AM Ignore Yooperheart Report Abuse O-key doe-key.