The International Energy Agency (IEA) recently released the 2012 version of the World Energy Outlook (WEO), the agency’s main publication. The 2012 WEO shows that there is a major shift in the global energy map. With this new shift is the United States of America going to prosper or decline in the economy of exporting energy?
In the upcoming years of the future there is a predicted major rise in the amount of energy demand throughout the world for many sources of energy. The oil demand around the world is predicted to increase by 4 million barrels per day through the 2020’s. Natural gas demand will increase by 50% worldwide by 2035. Nuclear power expectations have decreased for the future years because the IEA is predicting more policies and regulations haltering quick progress. With all of the demand increase will the United States be able to keep up or will we need to start importing more from places like the Middle East?
According to the IEA, the United States is leading the way for a transformation of oil and gas production affecting regions all around the world. The IEA has predicted that the United States will become a net exporter of natural gas and will surpass Saudi Arabia as the world’s largest oil producer by the year 2020. With this dramatic change in energy production the IEA says that most all oil exports from the Middle East will go to Asia by 2035 instead of North America. The United States is stated to become almost self sufficient in energy by 2035 which will not only help reduce energy prices within the country, but will also create millions of domestic jobs to boost the economy. Even though energy prices have become a growing concern, the future for the United States looks bright with the advances in technology for oil and gas production making processes safer and more efficient.