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November 17, 2013
12:35 // 9 months ago
November 12, 2012

International Energy Agency: United States heading towards oil self-sufficiency

  • now the United States imports roughly 20 percent of its energy needs. It is currently the world’s third-largest oil producer.
  • 2020 the United States is expected to become the world’s largest oil producer, according to the International Energy Agency’s recent report.
  • 2030 the United States will export more energy than it uses domestically, according to this incredibly bullish report.
  • 2035 the United States will become nearly 100 percent self-sufficient on the oil-usage front, which sounds like the IEA is just making stuff up. source
22:17 // 1 year ago
June 23, 2011

Oil crisis: We’re dipping into the reserves due to Libya crisis

  • 60 million number of barrels of oil the International Energy Agency plans to release from the strategic reserves, at the behest of the U.S. and 27 allies
  • 2 million number of barrels that will see release each day for the first 30 days of the strategic release — the third release of its kind in 30 years source

» Blame the conflict in Libya: The supply of crude oil has struggled in the wake of the instability in Libya, which cut off a key supply of oil and has had a bit of a ripple effect on gas prices. Other oil-producing countries chose not to boost their output of oil amid prices above $100 a barrel, which led to the current decision to tap into the strategic reserves. As you might guess, the stock market isn’t digging this news at all, and oil futures dipped over 5 percent in reaction to the news — still over $100 a barrel, though.

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11:03 // 3 years ago