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.
What We're Following See More »
President Obama has called for a "full review" of the hacking that took place during the 2016 election cycle, according to Obama counterterrorism and homeland security adviser Lisa Monaco. Intelligence officials say it is highly likely that Russia was behind the hacking. The results are not necessarily going to be made public, but will be shared with members of Congress.
Sen. Joe Manchin (D-WV) and Sherrod Brown (D-OH) are threatening to block the spending bill—and prevent the Senate from leaving town—"because it would not extend benefits for retired coal miners for a year or pay for their pension plans. The current version of the bill would extend health benefits for four months. ... Senate Majority Leader Mitch McConnell (R-KY) on Thursday afternoon moved to end debate on the continuing resolution to fund the government through April 28. But unless Senate Democrats relent, that vote cannot be held until Saturday at 1 a.m. at the earliest, one hour after the current funding measure expires."
The South Korean parliament voted on Friday morning to impeach President Park Geun-hye over charges of corruption, claiming she allowed undue influence to a close confidante of hers. Ms. Park is now suspended as president for 180 days. South Korea's Constitutional Court will hear the case and decide whether to uphold or overturn the impeachment.
Participants in the women's march on Washington the day after inauguration won't have access to the Lincoln Memorial. The National Park Service has "filed documents securing large swaths of the national mall and Pennsylvania Avenue, the Washington Monument and the Lincoln Memorial for the inauguration festivities. None of these spots will be open for protesters."