- Joined
- Nov 17, 2012
- Messages
- 1,880
- Likes
- 680
in my above post I said that US may hardly earn upto $350billion from oil export, as much as Saudi Arabia, but the news as below tells us a different story. things can't change overnight and even if they are starting new oil production fields, it would take at least 20 years more for US to be able to pump as much oil as it consumes, as below. with a bottom-line fact that 'Net' oil import bill of US is hardly $350billion right now, and oil production itself is a price so US won't be able to have saving of more than half of this $350billion amount of oil import in either way. while its already a net gas exporter with already producing enough coal, minerals etc but still they have to borrow over $1.2trillion every year for the budget commitments....
According to the "World Energy Outlook 2012," report recently released by the International Energy Agency, the U.S. will overtake Saudi Arabia as the largest global oil producer by 2020, and become a net oil exporter by 2030. The report also predicts that by 2015 the U.S. will surpass Russia as the biggest producer of natural gas.
OurEnergyPolicy.org | U.S. to Become Net Energy Exporter