As relayed by the Oil and Gas Journal, according to a report from the International Energy Agency, projections show that the United States is set to take the lead as the world’s top producer of oil for the world by 2020.
The report notes that the surge is expected from “unconventional supplies” and that
the agency says almost 30% of the $15 trillion in upstream oil and gas investment needed through 2035 will be in North America.
My question regarding what could be a very important edge for America is this: will our lead as the top oil producer affect the average American? Will it benefit us in any way, or just line the pockets of oil corporation execs and stockholders?
Also, depending on what you hear or read about “peak oil,” does our lead indicate the looming demise of oil production for the world?
These are questions I can’t help but shape in my mind, because the doomsday predictions of rapidly-declining oil reserves predict oil to run out within our lifetimes.
I would think that this forecast offers future hope for the U.S to continue as a global export juggernaut, and certainly a control of the largest production capacity of any other country would position us to take the lead in diplomatically leading the future commerce of our neighboring countries. It could also make us a target of envious nations – but that kind of speculation remains to be seen.
To read the Oil and Gas Journal report, “IEA: US to overtake Saudi Arabia in oil production,” click here.