US could soon overtake Saudi Arabia as world's biggest oil producer;

[ashok321]

U.S. Oil Output to Overtake Saudi Arabia?

U.S. Oil Output to Overtake Saudi Arabia? | The Financialist


The Financialist: Is the International Energy Agency’s prediction that the U.S. will overtake Saudi Arabia as the world’s largest oil producer by around 2020 and become a net oil exporter by 2030 realistic?

Jan Stuart: Here at Credit Suisse, we’ve done an awful lot of our own research, and we think we have better insights into what the companies are actually doing and think that they can do. We published an in-depth report early in September, and the conclusion was that, a) we don’t know enough yet, and b) from everything that we know now, the United States might very well overtake Saudi Arabia as the biggest oil producer. In volume terms, it might even outpace Saudi Arabia before 2020.

Enough shale oil to join OPEC?

http://swaminomics.org/?p=424

India has enough oil trapped in shale and coal deposits in Assam and Arunachal Pradesh to produce 140 million tones per year for 100 years, say former geologists of Oil India Ltd including ex-Chairman and Managing Director Chudamani Ratnam. This is more than India’s entire current consumption, high enough to make India a member of OPEC

 

[ashok321]

'India holds 527 tcf of shale gas reserves

'India holds 527 tcf of shale gas reserves' - Money - DNA

 

[Viper0011.]

No. We are not that smart and wily. Keep in mind that this forum is filled with posts on how stupid Americans really are. This is just sheer luck.

I couldn't agree more. I come across discussions all the time where majority of folks (specially the Indian community), always thinks we, the Americans are stupid and sillier than goats!!! What they don't realize is....that we've been running the world since 1940's....and it'll still be the case for the next foreseeable future (next 40 years at the least).
There is no luck here. We've kept the strategic things untouched. The US has one of the LARGEST oil and gas reserved. Combined with Canada, the North America probably represents a big portion of O&G market if not 'the largest' (should we decide to drill and use these i.e.).

 

[anon45]

I couldn't agree more. I come across discussions all the time where majority of folks (specially the Indian community), always thinks we, the Americans are stupid and sillier than goats!!! What they don't realize is....that we've been running the world since 1940's....and it'll still be the case for the next foreseeable future (next 40 years at the least).
There is no luck here. We've kept the strategic things untouched. The US has one of the LARGEST oil and gas reserved. Combined with Canada, the North America probably represents a big portion of O&G market if not 'the largest' (should we decide to drill and use these i.e.).

shhh let them keep their dreams. We are stupid and stumbled to the top through no effort of our own, we also are weak and have no will, taking us down will be quick and we'll back down in months in the event of conflict .

 

[Ayush]

surprising indeed.

 

[eddieInUK]

It needs to show how much US is producing in these current years, how much increase US has gain. Replacing Saudi is not an easy job.

 

[Viper0011.]

shhh let them keep their dreams. We are stupid and stumbled to the top through no effort of our own, we also are weak and have no will, taking us down will be quick and we'll back down in months in the event of conflict .

lol!! And you missed one more point. We are so dumb that we have to bring smart people from India and China (cheap labor and smartness are two different things, where else can you get into a band or sports team and make hundreds of millions ). Btw, smart people were needed in 1950's, 60's, 80's and all.....we managed to create THE MOST SOPHISTICATED Military Industrial and Scientific Research Environment in the world....without these 'smart' people we are getting now!!! Anyway, yup, we are dumber than goats and we stumbled to the top because the guy above us gave us his VIP ticket out of courtesy and mercy!

 

[Farooq]

then the good for nothing Arab sheikhs will have employment opportunities at McDonalds since all they rely on is oil

 

[Silverblaze]

So, does that mean US is going to leave Saudis?

No.

US has learned how important is to control oil supplies around the world. This is the lesson after WW2 which the Soviets did not learn.

 

[ziaulislam]

USA production has been on ever decline since 2000 and all experts believe that it will run out of oil in around 2040..
however shale gas is still abuant in USA.
it might last for a few more decades than oil
remeber USA uses more than 1/3 of all world oil!!!!

 

[Viper0011.]

USA production has been on ever decline since 2000 and all experts believe that it will run out of oil in around 2040..
however shale gas is still abuant in USA.
it might last for a few more decades than oil
remeber USA uses more than 1/3 of all world oil!!!!

I don't know the source of your information. But I think it is inaccurate. The US has estimated 90-100 years of O&G reserves IF 100% of O&G was to be drilled within the US for her needs. That's not accounting for the nuclear energy, wind, hydro, etc !! Just an example for you:

U.S. Contains Enough Oil and Gas Reserves to Fuel Country for Decades, Petroleum Institute Says | CNS News

Shale oil & gas reserves are in addition to that. There are additional 'strategic' Oil & Gas reserves that are never touched and those are additional to the above. Now if you add Canada in the picture, combined US and Canada can last on O&G from within North America for well over a 100 years!

 

[Spring Onion]

Does it mean we are not going to see wrong wars like Iraq/Afghanistan in future?

 

[ashok321]

Does it mean we are not going to see wrong wars like Iraq/Afghanistan in future?

Au contraire you will see more of them. No financial constraint.

WOT= oil?
No baby, afghanistan has none of it.

 

[jhungary]

shhh let them keep their dreams. We are stupid and stumbled to the top through no effort of our own, we also are weak and have no will, taking us down will be quick and we'll back down in months in the event of conflict .

Many people think American just dumb cheese loving overweight retard. When America did a good move and almost all the people around tho world say, "It's not gonna happen, they are so dumb"

The fact is, America have been stopped drilling in the whole NOrth America continent since the 80s. And none of the shale oil field are untouched and we have been sourced oversea oil as an alternative. Putting together the fact the US is the number 1 user in Alternative Energy Resource is the reason why we have less use than we can produced.

But then again, many people would think, nah, this is not gonna happen. American is so dumb.

Look at the gas price, we are paying about $2-3 per gallon (~ 3.5 lts) and the rest pof the world is paying 1.5 or even 2 dollar per lts. But hey, we are stoill way behind Saudi Arabia, they pay 60Cents per L

 

[RazorMC]

USA and Canada each has more oil in Shale than oil in the middle east. It costs more to refine shale oil than natural crude. However, it is profitable to produce at these high gas prices which wasn't a viable option before.

Exactly. The Americas are perhaps the most gifted land masses on earth in terms of mineral resources.
The only factor limiting development in this sector was indeed the price of oil.

If it continues to remain high, then we can see even more output from the US and soon followed by other countries with offshore drilling far off from host countries is also contributing to this production.

So much for the US being dependent on GCC or something