Tuesday, November 14, 2017
Burn Baby, Burn
If America has its way, your grandkids' chances of coping with climate change, already iffy, will be a lot worse. If anything the United States is poised to be the unchallenged bad boy of fossil fuels for the next several decades at least according to the International Energy Agency.
By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.
“The United States will be the undisputed leader of global oil and gas markets for decades to come,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg television. “There’s big growth coming from shale oil, and as such there’ll be a big difference between the U.S. and other producers.”
The agency raised estimates for the amount of shale oil that can be technically recovered by about 30 per cent to 105 billion barrels. Forecasts for shale-oil output in 2025 were bolstered by 34 per cent to 9 million barrels a day.
The U.S. industry “has emerged from its trial-by-fire as a leaner and hungrier version of its former self, remarkably resilient and reacting to any sign of higher prices caused by OPEC’s return to active market management,” the IEA said.