The Energy Report
By Phil Flynn | November 13, 2012 1:31 AM EST
While the oil market is falling on fears of slowing growth and the possibility of going of the fiscal cliff in a barrel, long term the outlook for the US energy Industry is looking better all the time. Not only did the Obama administration has no intention of proposing carbon tax on emissions, Bloomberg citing the Hill reports, citing unidentified White House official it seems that because of the miracle of fraccing or fracking if you prefer, the United States of America is on track to be the world’s largest oil producer. That’s right! You did not read it wrong. I said producer not consumer. While readers of the Energy Report, readers have known of this trend it was nice to see the International Energy Agency predict that U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020. The global energy map "is being redrawn by the resurgence in oil and gas production in the United States. Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector," and the recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity - with less expensive gas and electricity prices giving industry a competitive edge," it added. The IEA said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030.
Now if the Obama administration decides to focus on energy we can jumpstart this economy. I am not talking about wind or solar but I am talking about fraccing.
Geo-politics heated up as Israel shot warning shots into Syria. Reuters reports that Shell shut its Imo River oil pipeline in Nigeria on October 31 due to damage caused by thieves and deferred 25,000 barrels per day (bpd) of production, the company's local unit said on Sunday. This latest outage will add to a growing list of production problems for Africa's biggest oil producer. Reuters also reported that “Flows through Yemen's main oil export pipeline were stopped after the line was blown up in two places on Sunday night, the state news agency and local government sources said. The SABA news agency said the pipeline was attacked in two spots in the Wadi Abidah region of western Yemen."Unknown assailants blew up the pipeline that carries crude oil to the main export terminal in the Red Sea in the middle of Sunday night, in the Damashka area of Wadi Abidah," a source in the area told Reuters.
The 270-mile long Maarib pipeline used to carry around 110,000 barrels per day (bpd) of Marib light crude to the Ras Isa export terminal on the Red Sea coast until a spate of attacks in 2011 and 2012.
SABA did not identify the attackers but Yemen's oil and gas pipelines have been repeatedly sabotaged by Islamist militants and disgruntled tribesmen since anti-government protests created a power vacuum in 2011. Yet in a world with a questionable demand and ample supply somehow the oil market seems unmoved by the weekend’s geo-political events.
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