Make us your home page
Instagram

U.S. will become world's largest oil producer by about 2020, International Energy Agency predicts

The United States will become the world's largest oil producer by about 2020, temporarily overtaking Saudi Arabia, the International Energy Agency forecast Monday, as new exploration technologies help find more resources.

In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production — thanks partly to a boom in shale gas output — as well as more efficient use of energy will allow the United States, which now imports about 20 percent of the energy it needs, to become nearly self-sufficient around 2035.

That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound, and their effect will be felt well beyond North America — and the energy sector."

Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.

For example, oil exports out of the Mideast will increasingly go to Asia as the United States becomes more self-sufficient. That will increase the global focus on the security of strategic routes that bring Middle East oil to Asian markets. Tensions between Iran and Western powers have raised concerns that oil exports from the Persian Gulf could be blocked in a potential conflict over Tehran's alleged plan to develop nuclear weapons.

The IEA added that global trends in the energy markets will be influenced by some countries' retreat from nuclear power, the fast spread of wind and solar technologies and a rise in unconventional gas production.

The agency concluded that despite the rising use of low-carbon energy sources, huge subsidies will keep fossil fuels "dominant in the global energy mix."

"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.

Global energy needs are forecast to increase by a third by 2035, with 60 percent of the additional demand coming from China, India and the Middle East.

U.S. will become world's largest oil producer by about 2020, International Energy Agency predicts 11/12/12 [Last modified: Monday, November 12, 2012 7:10pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. A long-awaited vision for Tampa's Westshore Marina District

    Real Estate

    TAMPA — More than a decade after plans to develop a vacant waterfront tract were first announced, a new rendering finally gives a hint of what Westshore Marina District will ultimately look like.

    Rendering of Marina Pointe, a condo project overlooking Tampa Bay as part of the Westshore Marina District. [Courtesy of Masterfile Corp.}
  2. Buddy Brew Coffee to open downtown Tampa location

    Business

    TAMPA — Buddy Brew Coffee plans to open a new location in downtown Tampa at Park Tower. The specialty coffee craft roaster, which was founded in 2010, has five other locations throughout Tampa including the Oxford Exchange, Sarasota, Hyde Park Village and Terminal F inside the Tampa International Airport.

    A cappuccino is displayed at Buddy Brew in Tampa in January 2017. [CHARLIE KAIJO | Times]
  3. Where to pig out for National Bacon Lovers Day

    Food & Dining

    That's right: Sunday is the national day devoted to all things bacon, National Bacon Lovers Day. Which, really, isn't too different from the other 364 days of the year. But here's a little roundup of some special places to celebrate everyone's favorite meat snack (seriously, even vegans have a grudging respect …

    A creme-filled doughnut topped with maple frosting and bacon at Dough on MacDill Avenue in Tampa.
  4. The Penny Hoarder tops 79 fastest growing Tampa Bay companies on Inc. 5000

    Business

    ST. PETERSBURG — The Penny Hoarder today further cemented its reputation as one of the country's fastest growing companies. The personal finance web site business ranks 25th nationwide and tops in the Tampa Bay market for growth on the just released 2017 Inc. 5000 list of fastest growing businesses.

    One of the fastest growing startups in the country is St. Petersburg's The Penny Hoarder, a financial advice web site aimed at helping readers save money. Playing a game in the office is (right to left) founder and CEO Kyle Taylor, vice president of business operations Vishal Mahtani and executive editor Alexis Grant. [Courtesy of The Penny Hoarder]
  5. Here's what it's like inside a writhing, growling Howl-O-Scream audition

    Florida

    TAMPA — At Busch Gardens, a Howl-O-Scream manager is hunting zombies.

    Auditioner Natalie Rychel, 20, of Tampa, Fla., high fives director of atmosphere Morgan Malice after being selected for a job for Bush Gardens' Howl-O-Scream during an audition at the theme park on Friday, August 11, 2017, in Tampa, Fla. (From left) Auditioners Jared Shipley, 20, of Lakeland, Fla., and Lincoln Scott, 41, of Riverview, Fla., look over. This year, Howl-O-Scream will take place from September 22 to October 29 at Bush Gardens. ALESSANDRA DA PRA  |   Times