The United States is already on the cusp of energy independence, thanks to the shale revolution. What does that mean? It means when you consider how much energy we produce and export, and how much we consume and import, at the end of the day, we are producing as much energy as we consume. But it gets complicated. We still import a lot of oil from the Middle East and elsewhere. We import (and export) oil via pipelines to Canada. We also still import natural gas. But at some point the U.S. will export more than it imports. That is, we won’t only produce as much as we consume, we’ll produce extra energy–and sell it abroad to other countries. We will become a “net exporter.” When will that happen? According our favorite government agency, the U.S. Energy Information Administration (EIA), it will happen in the next 10 years–or less. The EIA has just released its “Annual Energy Outlook 2017” (full copy below). In the report the number crunchers at EIA look at multiple scenarios and conclude that under most scenarios we are a net exporter by 2026, and in some of those scenarios, it happens even sooner. That would be the first time since 1953 that our country has exported more energy than it uses. Not surprisingly, LNG (liquefied natural gas) plays a critical role in our country becoming a net exporter. Here’s what the EIA said in releasing the 2017 annual report…
The United States is already on the cusp of energy independence, thanks to the shale revolution. What does that mean? It means when you consider how much energy we produce and export, and how much we consume and import, at the end of the day, we are producing as much energy as we consume. But it gets complicated. We still import a lot of oil from the Middle East and elsewhere. We import (and export) oil via pipelines to Canada. We also still import natural gas. But at some point the U.S. will export more than it imports. That is, we won’t only produce as much as we consume, we’ll produce extra energy–and sell it abroad to other countries. We will become a “net exporter.” When will that happen? According our favorite government agency, the U.S. Energy Information Administration (EIA), it will happen in the next 10 years–or less. The EIA has just released its “Annual Energy Outlook 2017” (full copy below). In the report the number crunchers at EIA look at multiple scenarios and conclude that under most scenarios we are a net exporter by 2026, and in some of those scenarios, it happens even sooner. That would be the first time since 1953 that our country has exported more energy than it uses. Not surprisingly, LNG (liquefied natural gas) plays a critical role in our country becoming a net exporter. Here’s what the EIA said in releasing the 2017 annual report…