The Edmond Sun

Local News

November 12, 2012

IEA: U.S. to be No. 1 oil producer by 2020

EDMOND — Recent growth in oil and gas production are projected to make the U.S. the world’s No. 1 oil producer by about 2020, according to a report released Monday.

In its World Energy Outlook 2012 the International Energy Agency states that energy developments in the U.S. are profound and their effect will be felt well beyond North America and the energy sector.

U.S. production, driven by technologies that are unlocking light tight oil and shale gas resources are spurring economic activity, the report states. Less expensive gas and electricity prices are giving the industry a competitive edge and changing North America’s role in the global energy trade.

Currently, the U.S. is the world’s No. 3 oil producer behind Saudi Arabia (No. 1) and Russia (No. 2), according to the most recent (2011) data from the  International Energy Agency. China is the No. 4 oil producer, Iran No. 5 and Canada No. 6.

By about 2020, the U.S. is projected to pass Saudi Arabia as the largest global oil producer and will keep that position until the mid-2020s, according to the IEA. The result is a continued fall in U.S. oil imports to the extent North America becomes a net oil exporter in about 2030.

The trend accelerates the switch in direction of international oil trade toward Asia, putting a focus on the security of the strategic routes that bring Middle East oil to Asian markets, the report stated.

“The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms — a dramatic reversal of the trend seen in most other energy-importing countries,” the report’s authors wrote.

Additionally, the U.S. has adopted new fuel economy standards, China is targeting a 16 percent reduction in energy intensity by 2015, the European Union has committed a cut of 20 percent in its 2020 energy demand and Japan aims to cut 10 percent from electricity consumption by 2030, according to the IEA.

But even with these and other new policies in place much of the potential to improve energy efficiency remains untapped, the report states. Members of the autonomous IEA include Australia, Canada, France, Germany, Italy, Japan, Korea, Norway, Turkey, the U.S. and the United Kingdom.

Regarding other issues the report found:

• Trucks deliver a large share of oil demand growth;

• Natural gas is the only fossil fuel for which global demand grows in all scenarios, showing that it fares well under different policy conditions, but the outlook varies by region. In the U.S., low prices and abundant supply see natural gas overtake oil around 2030 to become the largest fuel in the energy mix.

• Oil output in Iraq exceeds 6 million barrels a day in 2020 and rises to more than 8 million barrels a day in 2035. Without this supply growth, oil markets would be set for difficult times, characterized by prices that are almost $15 a barrel higher than the level in the New Policies Scenario by 2035. Iraq stands to gain almost $5 trillion in oil export revenue during that period, an annual average of $200 billion, providing an opportunity to transform the country’s prospects;

• Successive editions of the World Energy Outlook report have shown that the climate goal of limiting warming to 2 degrees C is becoming more difficult and more costly with each passing year. No more than a third of proven fossil fuels reserves can be consumed before 2050 if the world is to achieve the 2 degrees C goal unless carbon capture and storage technology is widely deployed. Almost two-thirds of these carbon reserves are related to coal, 22 percent to oil and 15 percent to natural gas;

• Coal has met nearly half of the rise in global energy demand during the past decade, growing faster even than total renewables; and

• The anticipated role of nuclear power has been scaled back as countries have reviewed policies in the wake of the 2011 accident at Japan’s Fukushima Daiichi nuclear power station;

• A steady increase in hydropower and the rapid expansion of wind and solar power has cemented the position of renewables as an indispensable part of the global energy mix. By 2035, renewables will account for almost a third of total electricity output. Solar grows more rapidly than any other renewable technology.

Oklahoma is the No. 5 oil producing state in the nation and the No. 4 natural gas producer. It has more than 125,000 oil and natural gas wells, producing more than 72 million barrels of oil each year, according to the Oklahoma Energy Resources Board. Eight percent of the nation’s natural gas liquid reserves are located in the state.

marks@edmondsun.com | 341-2121, ext. 108

1
Text Only
Local News
  • 1,000th baby group.jpg INTEGRIS welcomes 1,000th birth since opening in October 2011

    Being the father of a new baby boy is pretty exciting, but being the father of INTEGRIS Health Edmond’s 1,000th baby made it even more special.
    “When we got to the hospital, the night-shift nurse told us we were in a race with another couple who had gotten there at 7 a.m.,” said Bryan Lane, the new baby’s father.

    July 31, 2014 1 Photo

  • okco fair 100.jpg Oklahoma County Free Fair offers competition, free fun

    Oklahoma County residents are invited to compete in the 100th annual Oklahoma County Free Fair as they take part in many activities scheduled just for them.
    The county fair will get underway Aug. 21-23 at the Oklahoma State Fair Park and will be highlighted by its open adult and youth along with 4-H and Oklahoma Home and Community Education categories, as well as its special contest and activities.

    July 31, 2014 1 Photo

  • Great Expectations names 4 Edmond public schools ‘Model Schools’

    Great Expectations, a non-profit foundation that provides intensive professional development to teachers and administrators, announces four Edmond Public Schools have earned the organization’s highest distinction: Model School. Based on Great Expectations theory implementation, there are three categories of recognition, including Transitional School, Progressive School and Model School.

    July 31, 2014

  • Grieving children find support at Calm Waters

    Calm Waters Center for Children and Families offers free support groups for children, ages 3–18 and their families whose lives have been affected by death or divorce.
    Oklahoma continues to rank among the top states in the nation for unintentional and premature deaths, leaving single parents raising children. Additionally, Oklahoma continues to have one of the highest divorce rates per capita in the nation. These tragedies leave children feeling isolated, sad, and uncertain.

    July 31, 2014

  • Church hosts adult Vacation BIble School

    “Jesus is the Source” will be the theme of Edmond First Church of the Nazarene’s second annual adult Vacation BIble School.
    The progam will be from 6-8:30 p.m. Aug. 4-7 at the church, located at 3001 S. Boulevard. It will include a light supper at 6 p.m. and songs, games, storytelling and crafts beginning at 6:30 p.m.
    Presenters will include members of the congregation acting as Bible characters and a special performer will be in from Texas.

    July 31, 2014

  • officers killed 1.jpg 67 cops die on duty across country

    The National Law Enforcement Officers Memorial Fund reports that 67 officers have been killed in the line of duty during the first half of 2014 — a 31 percent increase from the same period last year.
    Of these 67 officers, 26 were killed in traffic-related incidents, 25 were killed by gunfire and 16 died due to job-related illnesses and other causes. California led all states with eight officer fatalities followed by Florida, New York, Texas and Virginia each with four peace officer fatalities.

    July 31, 2014 2 Photos

  • Lankford, James 2011.jpg Lankford, rest of Oklahoma delegation vote to sue president

    A Democratic leader said the House does not have standing to sue the president after members of Oklahoma’s congressional delegation voted to do just that.
    At 6:28 p.m. Wednesday, members of the House approved by a 225-201 partisan margin H. Res. 676, which gives House leadership the authority to file a lawsuit challenging actions by President Barack Obam

    July 31, 2014 1 Photo

  • UCO, local Y create community garden

    A new community garden is providing a transformative learning opportunity for students and helping stock UCO’s Central Pantry.
    The University of Central Oklahoma’s Volunteer and Service Learning Center and the Edmond Rankin YMCA are sponsoring the garden, providing a transformative learning opportunity for students, and organic fruits, vegetables and herbs for the food bank.

    July 31, 2014

  • MS_prisons 1.JPG DOC action could save $36.8 million annually

    The Oklahoma Department of Corrections expects to avert more than 2,100 offenders by 2021 saving more than $36.8 million annually, an audit states.
    Tuesday, State Auditor and Inspector Gary Jones  released the results of a performance audit of the DOC that was requested by Gov. Mary Fallin. The audit for the period July 1, 2007 through June 30, 2013, distinctly focused on governance, financial management and capacity management.
    Audit recommendations included:

    July 30, 2014 2 Photos

  • food bank.jpg Regional Food Bank receives donation

    At a special celebration event Wednesday, Walmart and the Walmart Foundation announced that over the last fiscal year they gave more than $30 million in cash and in-kind contributions to charitable organizations throughout Oklahoma. Additionally, the retailer and its Foundation have partnered with local food banks to provide more than 15 million pounds of food to residents.

    July 30, 2014 1 Photo

Featured Ads
NDN Video
Famous Internet Cats Help Big Cause With Viral Video Raw: Obama Gets Hug From Special Olympian Snoop Dogg Narrating Animal Footage Is Perfect Tigers Acquire David Price - @TheBuzzeronFOX Russell Brand Slams Sean Hannity Over Gaza Conflict Segment Chapter Two: Composing for a film in retirement Woman's Dive Goes Terribly Wrong Brian Williams Reports on Daughter Allison Williams' 'Peter Pan' Casting News Did Jimmy Fallon Look Up Heidi Klum's Dress? What Drama? Miranda Kerr Poses Topless Plane crashes in San Diego Costco parking lot Justin Bieber Takes To Instagram To Diss Orlando Bloom You Won't Believe the Celeb Cameos in "Sharknado 2" Pitch Invading Morons Cause Chaos - @TheBuzzeronFOX Orlando Bloom 'Takes a Swing' at Justin Bieber In Ibiza Sadie Doesn't Want Her Brother to Grow Up "Maxim" Hotness! See Jessica Alba's Sizzling Spread Two women barely avoid being hit by train Broken Water Main Floods UCLA Orlando Bloom and Justin Bieber Reportedly Came To Blows In Ibiza
Poll

The runoff race for the 5th District congressional seat is set for Aug. 26. If the voting were today, which candidate would you support?

Al McAffrey
Tom Guild
Undecided
     View Results