U.S. Energy Exports to Top Imports by 2025, WoodMac Says
Bloomberg: U.S. companies will export more energy than they import by 2025 as shale oil and gas production keeps climbing and the transportation sector becomes more efficient, Wood Mackenzie Ltd. said in a note today.
Horizontal drilling and hydraulic fracturing in hydrocarbon-rich layers of shale rock have boosted U.S. oil and gas production by 42 percent in the past seven years. The U.S. vehicle fleet will become 40 percent more energy-efficient by 2030, said James Brick, a senior analyst at the Edinburgh-based research firm.
“A country can achieve energy independence through two channels,” Brick said in the note. “It can either produce more or consume less, and the U.S. is doing both.”
Crude production in the U.S. has risen to 8.9 million barrels a day, the highest level since 1985, according to data from the Energy Information Administration. Natural gas output is 2.3 trillion cubic feet a day, the highest on record.
Oil production is expected to rise to 10.3 million barrels a day, and the peak level could be more than 13 million by 2030 depending on developing technologies in the enhanced oil recovery and refracturing fields, Brick said.
Read more: http://bloom.bg/1pFhf4c
More industry news:
- Column: History of Controls on U.S. Oil Exports: http://reut.rs/1DFeyYE
- Lower Electricity-Related CO2 Emissions Reflect Lower Carbon Intensity, Electricity Use: http://1.usa.gov/1D2LvMw
- Michigan Manufacturers Still need Fossil Fuels: http://bit.ly/1zm5oSa
- Texas Job Creation Dwarfs Every Other State: http://wapo.st/1rrSWGD
- Forbes: U.S. to Produce More Oil and Natural Gas Than Russia, for Decades: http://bit.ly/1D2L7Od
By Mary Leschper
Originally posted October 23, 2014
Energy Tomorrow is brought to you by the American Petroleum Institute (API), which is the only national trade association that represents all aspects of America’s oil and natural gas industry. Our more than 500 corporate members, from the largest major oil company to the smallest of independents, come from all segments of the industry. They are producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry.
