US will become a net oil exporter within 10 years

US will become a net oil exporter within 10 years

SOURCE: The Guardian DATE: November 13, 2017 SNIP: The shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s. The International Energy Agency said it expected that American oil production between 2010 and 2025 would grow at a rate unparalleled by any country in history, with far-reaching consequences for the US and the world. The last time the US exported more oil than it imported was 1953, and a ban on oil exports was lifted only in 2015. Technological developments in drilling and fracking since the turn of this century have unlocked huge reserves of gas and oil trapped in shale rock, and redrawn the energy landscape. By 2030, China will have developed so much that it is expected to overtake the US to become the world’s biggest oil consumer. Asia as a whole is also expected to increase its appetite for gas shipped across the seas, with 70% of LNG predicted to end up in Asian ports by 2040. Globally, energy demand will keep climbing but more slowly than in the past, largely due to population growth and increasing affluence in poorer countries. By 2040, the IEA expects energy needs to have risen by 30%, or the equivalent of adding another China and India worth of demand. Unlike some experts and oil companies such as Shell, which believe demand for the fuel could peak as soon as the next decade, the IEA sees it slowing but not peaking even by 2040. Despite the boom in green energy, CO2 emissions from energy are...
Experts Who Sold the Idea of Oil Exports Proven Very Wrong Very Fast

Experts Who Sold the Idea of Oil Exports Proven Very Wrong Very Fast

SOURCE: DeSmog Blog DATE: October 11, 2017 SNIP: As Bloomberg put it recently, today “crude oil gushes out of the U.S. like never before.” U.S. exports of crude oil just hit a new record: nearly two million barrels per day. And while at DeSmog we predicted that “lifting the oil export ban will result in large increases in fracking for oil in the U.S.,” most industry experts at the time were making very different claims. “It’s universally agreed in the short term that we won’t see a flood of ships leaving for foreign ports because the economics aren’t right,” Sandy Fielden, director of energy analytics at respected consulting firm RBN Energy, said in December 2015, just before the ban on crude oil export lifted. Fielden was explaining why lifting that ban wouldn’t result in a sizable and ongoing rush to export American crude. The U.S. Energy Information Administration (EIA) had its most optimistic prediction for U.S. oil exports reaching two million barrels per day by 2050. They were only off by three-plus...
Seismic Oil Exploration Kills Krill at Far Higher Rate

Seismic Oil Exploration Kills Krill at Far Higher Rate

SOURCE: Yale e360 DATE: June 23, 2017 SNIP: Seismic air guns commonly used in the search for undersea oil kill off far more zooplankton than once thought, according to a new study that raises questions about the effect of such seismic surveys on the health of ocean ecosystems. For the research, which was published in Nature Ecology and Evolution, scientists tested air gun signals in the ocean off Southern Tasmania and found a rise in mortality rate of 18 percent to between 40 and 60 percent. One reason was that the impacts were felt by the krill out to 1.2 kilometers, 100 times farther than the assumed range of 10...
Carbon Footprint of Canada’s Oil Sands Is Larger Than Thought

Carbon Footprint of Canada’s Oil Sands Is Larger Than Thought

SOURCE: Inside Climate News DATE: April 4, 2017 SNIP: The Donald Trump administration approved the Keystone XL pipeline knowing the tar sands crude oil it would deliver from Canada is even more polluting than the Obama administration thought when it turned the project down in 2015. Recent government studies of a different tar sands pipeline found that the project’s greenhouse gas emissions “may be five to 20 percent higher than previously indicated,” the State Department noted on March 23 in its decision approving the Keystone XL...