Posts tagged “domestic production”
A new report from the International Energy Agency (IEA), a group made up of 28 nations, says that the United States will surpass fossil fuel giants Russia and Saudi Arabia as the world’s largest oil producer by the year 2017.
The United States is closer than many think to true energy self-sufficiency, says the annual long-term report, contrasting sharply with previous IEA numbers that suggested that Saudi Arabia would remain the world’s top oil producer until at least 2035. (Read more: Hofmeister: Surging Demand and Flat Production Equals High Oil Prices)
The U.S., that is, in total fossil fuel resources. At least those were the findings of the Congressional Research Service in a report they just released: U.S. Fossil Fuel Resources: Terminology, Reporting, and Summary The primary reason is our huge coal reserves. While we are 12th in oil reserves (Table 5 of the report), our coal reserves are by far the largest in the world. All together, the fossil fuel reserves (oil, natural gas, and coal) of the U.S. are reported at just under one trillion barrels of oil equivalent (BOE). The global total is reported at 5.6 trillion BOE. While I think you have to take data from some of the listed countries with a grain of salt –… Continue»