New Energy Report From I.E.A. Forecasts A Decline In North American Oil Supply

srsroccoreport.com / June 4, 2014

A new report from The I.E.A. predicts the United States will have to rely more heavily on Middle East oil in the coming years, as North American sources start to dry up putting more bargaining power back in the hands of OPEC countries, such as Saudi Arabia.

This is quite interesting, given that in 2012, the IEA forecast that the U.S. would overtake Saudi Arabia in oil production by 2020, and would be a net oil exporter by 2030.

SRSrocco:  This is an important article on the complete about-face of the so-called U.S.Energy Independence.  I believe the world will be a much different place by the end of the decade.

New Energy Report From I.E.A. Forecasts Decline In North American Oil Supply
by David MacLeod at Integral Permaculture
NPR’s Business News starts with the outlook for oil. This is a change of course – the International Energy Agency has released a report on global energy investment. And this group predicts the United States will have to rely more heavily on Middle East oil in the coming years, as North American sources start to dry up a little bit. U.S. energy production has boomed recently, much of it coming from oil and gas extracted from shale. But the IEA says U.S. production will start to lose steam around 2020, and that would put more bargaining power back in the hands of OPEC countries, such as Saudi Arabia.
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