A Week of Good News for U.S. Oil
The American oil industry is thriving more than ever, according to three data points highlighted this week.
The United States is poised to surpass Saudi Arabia as the world's largest oil producer by 2015, the International Energy Agency's chief economist Fatih Birol predicted on Tuesday, citing his organization's report released last month. U.S. oil consumption increased more this year than it has since 2001, a Goldman Sachs research analyst said Friday.
A surge in exports of refined petroleum products helped narrow America's trade gap, the Commerce Department said in a new report out this week.
Compare this to IEA's 2007 outlook, which said oil production from countries not a part of OPEC would rise only slowly to 2030. America's oil industry is hardly mentioned.
It's worth noting where we were to realize where we are now and to predict where we might be six years from today.
TOP ENERGY NEWS
INTEREST GROUPS TO EPA: ENCOURAGE ENERGY-EFFICIENCY IN UPCOMING REGS. Energy conservation groups want energy-efficiency to play a role in the existing power plants rule.
TOP ANALYST PREDICTS 'NEW OIL ORDER.' Goldman Sachs top commodity analysts predicts a major change in global oil markets
INTERIOR FINALIZES LONGER EAGLE KILL PERMITS FOR WIND FARMS. The rule lengthens the current five-year permitting for unintentional eagle deaths caused by wind farms and other facilities.
RIDING THE FRACKING WAVE ALL THE WAY TO CHINA. The race is on to make America the Saudi Arabia of natural gas but not everyone is in love with the idea of the U.S. becoming a major gas exporter.
BISHOP PRESSES INTERIOR ON FRACKING COMMENTS. Rep. Rob Bishop, R-Utah, wants Sally Jewell to ensure that National Park Service comments on proposed fracking regulations are withdrawn.
PERMANENT STORAGE NEEDED FOR NUCLEAR WASTE. That's what Nuclear Regulatory Commission Chairwoman Allison Macfarlane said during a trip to Japan on Friday.
CHINA EXPANDS RENEWABLE ENERGY CAPACITY. The country doubled the rate it added alternative sources of energy to the grid in the first 10 months of this year.
SHELL WON'T BUILD GULF COAST GAS PLANT. The energy giant is abandoning plans to build a large plant in Louisiana that would transform natural gas into liquid fuels.
JAPAN'S NUCLEAR DISASTER DOESN'T THREATEN UNITED STATES. The top U.S. nuclear-safety official said the West Coast isn't at risk from radioactive water linked to Japan's wrecked Fukushima Daiichi nuclear-power plant.
GOP GOVERNOR SEES UPSIDE TO GLOBAL WARMING. Maine Gov. Paul LePage said global warming could help his state because melting Arctic ice is opening up shipping lanes.
COLUMBIA RIVER TREATY HEARING. The House Natural Resources Committee holds a hearing on the future of the U.S.-Canada Columbia River Treaty.