The U.S. will achieve the long sought-after domestic policy goal of energy independence by 2035, according to projections outlined in BP’s Energy Outlook 2035 released on Wednesday.
The report, which forecasts energy trends heading into 2035, states that natural-gas production will continue to rise, helping the United States maintain its title as the world’s top natural-gas producer.
Surges in oil and gas output at home will also spur a 75 percent drop in oil imports and a rise in liquefied natural-gas exports.
“The U.S. will become a sizable player in the [LNG export] market,” Christof Ruehl, BP’s chief economist told reporters during a press call Tuesday. Ruehl predicted that the country is on track to become a net exporter of the energy source within three years. “Before the end of the forecasting period U.S. exports for LNG will be the second largest in the world,” he added.
This prediction arrives as debate over whether the U.S. should expand LNG and crude-oil exports has intensified on Capitol Hill. Some lawmakers say the United States should tread cautiously in approving new LNG export terminals and contend that a rise in exports could cause natural-gas prices to spike at home. Export backers, on the other hand, say increased exports would spur trade and bolster the U.S. economy.
Rising natural-gas consumption will also impact the environment. As natural gas overtakes oil to become the dominant fuel, U.S. carbon emissions due to energy consumption will fall by 6 percent.
“New technologies such as for gas supplies shift the supply to a less-carbon-intensive mix,” Ruehl said.
Even with carbon cutbacks at home, however, global CO2 levels will rise by close to 30 percent by the end of 2035, with increases in emissions driven by fossil-fuel energy use in developing countries.
Fossil fuels will also remain dominant over renewables in the U.S., despite a slight decrease in fossil energy demand from 85 percent to 80 percent by 2035. Renewables, meanwhile, will account for only 8 percent of the domestic energy mix by the end of the forecasting period.
- 1 Clinton Wins Debate, But Did She Win Over Voters?
- 2 Smart Ideas: The Most Important Election of a 96-Year-Old’s Lifetime; Clinton’s Pitch to Millennials
- 3 Senate Progressives Look to Flex Muscles in 2017
- 4 The District Where Democrats Want a Gun-Control Debate
- 5 The House Republicans Still Mum on Trump
What We're Following See More »
"It was obvious he wasn't prepared." “He only mentioned her email scandal once." "I think he took things a little too personal and missed a lot of opportunities to make very good debate points." That's just a smattering of the reactions of some elected Republicans to Donald Trump's debate performance.
The conventional wisdom is already emerging that Donald Trump opened last night's debate well, but that he faded badly down the stretch. And most viewers apparently witnessed it. "The early Nielsen data confirms that viewership stayed high the entire time. Contrary to some speculation, there was not a big drop-off after the first hour of the 98-minute debate." Final data is still being tallied, but "Monday's face-off may well have been the most-watched debate in American history. CNN and other cable news channels saw big increases over past election years. So did some of the broadcast networks."
As Congress continues to bicker on riders to a continuing resolution, federal agencies have started working with the Office of Management and Budget to prepare for a government shutdown, which will occur if no continuing resolution is passed by 11:59 p.m. on Friday night. The OMB held a call with agencies on Sept. 23, one that is required one week before a possible shutdown. The government last shut down for 16 days in 2013, and multiple shutdowns have been narrowly avoided since then. It is expected that Congress will reach a deal before the clock strikes midnight, but until it does, preparations will continue.