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.
2 comments:
That is very interesting about the potential increase in the US oil production. That is however if fracking is widely accepted. There are still a lot of questions about the effects of fracking on drinking water and other potential negative effects on the environment.
This is not a done deal by any means.
CBC's 'The National' reported on a study/prediction from TD bank regarding the effects a slowing growth of China's ecomony on oil prices last night. It stated that if China's growth slows to 5% oil could drop below $70/barrel . This is even more uncertainty added to the gamble Danny Millions and the Dunderdale have set up for the rate payers of NL.
Its ok for people like Mr.Millions, or Dean 'fibre optic crony' Macdonald, or people on MHA salaries/pensions since their power bills are a extermely small fraction of their monthly income. Its the average NL'r that will be taking ALL the risks and paying for all the cost overruns. The Emera deal is setup so all the possible rewards go into private hands. Its perfectly fits the pattern of American capitalism that has spread thoughtout the 'freeworld' : socializing losses and privatizing profits. We are all suckers for not standing up to the plutocracies that are masquerading as democracies in the western world.
Within a few months of resigning Mr.Millions went from being the head of a government setting up a taxpayer funded hydro deal to the head of a company that will benefit/profit greatly from the subsidized power from that very project . Sadly, most of our population seem totally unconcerned about such obvious conflict of interest and possible abuse of power that this revolving door between government and business allows. Here's to the sheep that allow our governments to serve their own Persona interests ahead of the public good. ...Oh, did I said Persona interests, I meant personal interests.
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