We already know the Dunderdale administration has been off on oil price projections over 1 year let alone 30-50 years. We also know that Newfoundland and Labrador Hydro has been off on need for power over the past 30 years - however we need them to be spot on now.
How about this headline?
U.S. set to overtake Saudi in oil output: IEA
LONDON--A shale oil boom means the U.S. will overtake Saudi Arabia as
the world's largest oil producer by 2020, a radical shift that could
profoundly transform not just the world's energy supplies, but also its
geopolitics, the International Energy Agency said Monday.
In its closely watched annual World Energy Outlook, the IEA, which
advises industrialized nations on their energy policies, said the global
energy map, "is being redrawn by the resurgence in oil and gas
production in the United States."
The assessment is in stark contrast with last year, when it envisioned Russia and Saudi Arabia vying for the top position.
"By around 2020, the United States is projected to become the largest
global oil producer" and overtake Saudi Arabia for a time, the agency
said. "The result is a continued fall in U.S. oil imports (currently at
20% of its needs) to the extent that North America becomes a net oil
exporter around 2030."
This major shift will be driven by the faster-than-expected development
of hydrocarbon resources locked in shale and other tight rock that have
just started to be unlocked by a new combination of technologies called
hydraulic fracturing.
According to Washington's Energy Information Administration, U.S. oil
production has increased 7% to 10.76 million barrels a day since the
IEA's last outlook a year ago. The agency's conclusions are partly
backed by the Organization of the Petroleum Exporting Countries, which
last week acknowledged for the first time that shale oil would
significantly diminish its share of the U.S. market.
The group said the U.S. would import less than 2 million barrels a day
in 2035, almost three-quarters less than it does today. That's not to
say OPEC's role will be marginalized globally. The group's share of
global production will increase from 42% today to 50% in 2035, with much
of it going to Asia, according to the IEA.