Monday, November 12, 2012

Extraordinary Growth In Shale Oil, Natural Gas In U.S. To Result In 'Sea Change'

The expected "extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows," according to a new report from the International Energy Agency. The IEA forecasts that the United States will become a net exporter of natural gas and oil by 2020 and is almost self-sufficient in energy, in net terms, by 2035.

"While the regional picture for natural gas varies, the global outlook over the coming decades looks to be bright, as demand increases by 50% to 5 trillion cubic metres in 2035. Nearly half of the increase in production to 2035 is from unconventional gas, with most of this coming from the United States, Australia and China," the IEA report states. "Whether demand for coal carries on rising strongly or changes course radically will depend on the strength of policy decisions around lower-emissions energy sources and changes in the price of coal relative to natural gas."

Click to read IEA's press release:
http://iea.org/newsroomandevents/pressreleases/2012/november/name,33015,en.html