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.


Toby said...

They really don't care if they kill us all, do they? It must have something to do with their belief in rapture.

Do you think there is any sort of plan other than destroy, destroy, destroy?

Owen Gray said...

Stupidity rules the roost. And he's God Awful.

Purple library guy said...

I dunno. My understanding is that shale oil deposits play out very quickly. They may run outa that stuff quicker than they think.
Plus, the stuff's expensive--I read that a lot of shale oil plays are losing money, some are in the Wile E. Coyote "hasn't noticed he's walked over the cliff yet" dancing on air stage. Expenses + big debt charges = much more than low oil prices get them, but they can't stop because then they'd owe a ton of money AND have no revenue. We could see some major train wrecks in that sector in the future; they could even contribute significantly to the next financial crisis.

The Mound of Sound said...

I've heard all that also, PLG. I don't know but it is the IEA.