Posted October 23, 2014
U.S. Energy Exports to Top Imports by 2025, WoodMac Says
Bloomberg: U.S. companies will export more energy than they import by 2025 as shale oil and gas production keeps climbing and the transportation sector becomes more efficient, Wood Mackenzie Ltd. said in a note today.
Horizontal drilling and hydraulic fracturing in hydrocarbon-rich layers of shale rock have boosted U.S. oil and gas production by 42 percent in the past seven years. The U.S. vehicle fleet will become 40 percent more energy-efficient by 2030, said James Brick, a senior analyst at the Edinburgh-based research firm.
“A country can achieve energy independence through two channels,” Brick said in the note. “It can either produce more or consume less, and the U.S. is doing both.”
Crude production in the U.S. has risen to 8.9 million barrels a day, the highest level since 1985, according to data from the Energy Information Administration. Natural gas output is 2.3 trillion cubic feet a day, the highest on record.
Oil production is expected to rise to 10.3 million barrels a day, and the peak level could be more than 13 million by 2030 depending on developing technologies in the enhanced oil recovery and refracturing fields, Brick said.
Read more: http://bloom.bg/1pFhf4c
More industry news:
Column: History of Controls on U.S. Oil Exports: http://reut.rs/1DFeyYE
Lower Electricity-Related CO2 Emissions Reflect Lower Carbon Intensity, Electricity Use: http://1.usa.gov/1D2LvMw
Michigan Manufacturers Still need Fossil Fuels: http://bit.ly/1zm5oSa
Texas Job Creation Dwarfs Every Other State: http://wapo.st/1rrSWGD
Forbes: U.S. to Produce More Oil and Natural Gas Than Russia, for Decades: http://bit.ly/1D2L7Od
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.