I can only hope that our future presidents will not have to bow down to the Arab kings like our current president did.
BP Report Projects North American Shale Boom Will Continue.
The Wall Street Journal (1/17, Williams, Subscription Publication) reports Wednesday BP issued its annual energy forecast, and said rising North American shale oil production will pressure OPEC to cut its crude production, leaving the largest buffer in global oil supplies in more than 10 years. The Journal says BP’s forecast underscores the map re-drawing effects of the current North American shale boom. The forecast, which discussed the global energy industry through 2030, also said that by that time there wouldn’t be a significant shale boom outside of North America, as investment conditions for unconventional gas and oil in Asia and Europe will remain less favorable. BP chief economist Christof Ruehl said the US might surpass Saudi Arabia as the world’s biggest hydocarbon liquids producer this year, highlighting the rapid progress of growth in the shale oil and gas fields. The report also predicted by 2030 the US will be importing only 1% of its yearly energy needs, versus 30% in 2005. BP Projection: US Will Be Energy Self-Sufficient By 2030. US News & World Report (1/17, Handley) reports in a press release Wednesday BP CEO Bob Dudley said, “The outlook shows the degree to which once-accepted wisdom has been turned on its head. The US will not be increasingly dependent on energy imports, with energy set to reinvigorate its economy. And China and India are expected to need a lot more imports to keep growing.” Breitling Oil and Gas CEO Chris Faulkner said “progress in energy efficiency and fuel economy has resulted in declining oil and gasoline demand in recent years and will become ‘a great catalyst here.'” He predicted, “If America continues down the road of energy efficiency, I think we won’t be the biggest consumer of oil here in the next two years. That combined with the fact that our domestic production is surging, I think by 2035, we’ll be a net exporter of crude.” US To Take Lead In Oil Production, Says BP. The UK’s Financial Times (1/17, Chazan, Subscription Publication) reports BP chief economist Christof Ruhl said other nations will be slow in following the US shale boom, and North America will be the dominant producer of shale products over the next 20 years. He argued other possible shale giants like China lack the combination of factors that have led to the North American shale boom, including favorable fiscal policies and a booming oilfield services sector to support exploration, extraction, and production of shale gas and oil. Still, global shale gas production levels will triple by 2030 and shale oil will grow six times its current global production level.