Energy Investments and Production Growth
Posted May 5, 2015
Is U.S. Energy Independence in Sight?
Energy Outlook Blog (Geoff Styles): The US Energy Information Administration's latest Annual Energy Outlook features the key finding that the US is on track to reduce its net energy imports to essentially zero by 2030, if not sooner. That might seem surprising, in light of the recent collapse of oil prices and the resulting significant slowdown in drilling. EIA has covered that base, as well, in a side-case in which oil prices remain under $80 per barrel through 2040, and net imports bottom out at around 5% of total energy demand. Either way, this is as close to true US energy independence as I ever expected to see.
It wasn't that many years ago that such an outcome seemed ludicrously unattainable. I recall patiently explaining to various audiences that we simply couldn't drill our way to energy independence. The forecast of self-sufficiency that EIA has assembled depends on a lot more than just drilling, but without the development of previously inaccessible oil and gas resources through advanced drilling technology and hydraulic fracturing, a.k.a. "fracking", it couldn't be made at all. The growing contributions of various renewables are still dwarfed by oil and natural gas, for now.
Read more: http://bit.ly/1F3LleA
More industry news:
- Industry Investing Billions in Ohio Infrastructure Despite Drilling Slowdown: http://bit.ly/1IJvPEh
- U.S. Shale Players Doing More With Less: http://bit.ly/1GMkMVY
- LNG May Boost Fortunes of Colorado Western Slope Producers: http://dpo.st/1PmtHSR
- Poll – Iowa and N.H. Voters Support Arctic Drilling, Say Energy Important in 2016 Race: http://bit.ly/1Ee1ZBr
- The ‘Monster’ Beneath the Marcellus: http://bit.ly/1IKCga5
- How Microbes Helped Clean BP’s Oil Spill: http://bit.ly/1OWXFSz
About The Author
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Previously, Mark was a reporter, copy editor and sports editor at an assortment of newspapers. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela have two grown children and six grandchildren.
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