USA Predicted To Be World's Largest Oil Producer By 2020

**Go2Guy** · 11-13-2012, 01:40 PM

U.S. to overtake Saudi as top oil producer: IEA | Reuters

"Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector," the IEA said in the annual long-term report.

**RayShimley** · 11-13-2012, 01:41 PM

Originally Posted by Go2Guy

U.S. to overtake Saudi as top oil producer: IEA | Reuters

"Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector," the IEA said in the annual long-term report.

Great news.

**jdoggivjc** · 11-13-2012, 01:43 PM

And gas prices will still hover around $4.00.

**VTXCyRyD** · 11-13-2012, 01:44 PM

And now we know why the price of oil has been increasing. I'm sure someone in the government saw this coming years ago.

**Go2Guy** · 11-13-2012, 01:45 PM

Originally Posted by jdoggivjc

And gas prices will still hover around $4.00.

Because we need more refining capacity.

**ISUAgronomist** · 11-13-2012, 01:49 PM

This shouldn't come as any surprise. "Use theirs first." That's been our policy for decades.

**RayShimley** · 11-13-2012, 01:51 PM

Originally Posted by ISUAgronomist

This shouldn't come as any surprise. "Use theirs first." That's been our policy for decades.

And it's going to pay off big time for the next few decades.

**Go2Guy** · 11-13-2012, 01:53 PM

Originally Posted by ISUAgronomist

This shouldn't come as any surprise. "Use theirs first." That's been our policy for decades.

until the developments of hydrofracking techniques, the oil & gas from these tight shale formations could not be extracted by conventional means. we had to use others because we couldn't get to ours.

**Bader** · 11-13-2012, 01:56 PM

Originally Posted by Go2Guy

Because we need more refining capacity.

False, because they know we'll pay it

**RayShimley** · 11-13-2012, 01:58 PM

Originally Posted by Go2Guy

until the developments of hydrofracking techniques, the oil & gas from these tight shale formations could not be extracted by conventional means. we had to use others because we couldn't get to ours.

There was no economic incentive to develop and implement that technology when we were getting cheap oil from the Middle East. The story in your link is talking about economic forecasts going out almost a decade. A decade ago the cost of gas in the U.S. was a buck and a half (inflation adjusted).

**jbhtexas** · 11-13-2012, 02:08 PM

Originally Posted by Go2Guy

Because we need more refining capacity.

Because US refiners sell gasoline and diesel overseas where they can make more money.

U.S. refiners send gas overseas - Times Union

**Go2Guy** · 11-13-2012, 02:55 PM

Originally Posted by Bader

False, because they know we'll pay it

You don't think there's been a decline in refining capacity, or refineries shutting down, or lack of refinery expansion in the US?

**Bader** · 11-13-2012, 02:59 PM

Originally Posted by Go2Guy

You don't think there's been a decline in refining capacity, or refineries shutting down, or lack of refinery expansion in the US?

I personally don't know the answer to that but it doesn't matter; I'm saying that increasing refining capacity will have little to no impact on the price of gas

**Go2Guy** · 11-13-2012, 03:02 PM

Originally Posted by Bader

I personally don't know the answer to that but it doesn't matter; I'm saying that increasing refining capacity will have little to no impact on the price of gas

Gotchya. Price of gas aside, if the US does reach this expected production of crude oil, without any expansion of refining capacity, we'll have to export this excess of crude else where.

**BringBackJohnny** · 11-13-2012, 03:03 PM

Enegry independence seems to be on the horizon. I think we need to continue to look for viable renewable energry sources to continue to reduce our enviornmental footprint on the Earth. With the increasing population things could get hairy in the future.