Tags: Barack Obama | Polls | eia | epa | hertitage

4 Years or Less Until US Net Energy Exporter

4 Years or Less Until US Net Energy Exporter

Oil bump equipment working near the Carrizo Plain area in California, in April of last year. (Chon Kit Leong/Dreamstime)

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Thursday, 15 February 2018 12:15 PM Current | Bio | Archive

The U.S. Energy Information Administration (EIA) 2018 report suggests that the United States will become a net exporter of energy within four years — by 2022. It might happen even sooner.[1]

This is a significant change since the U.S. has been a net importer of energy since 1953. "The United States energy system continues to undergo an incredible transformation," said EIA Administrator Linda Capuano. "This is most obvious when one considers that the AEO [Annual Energy Outlook] shows the United States becoming a net exporter of energy during the projection period." That’s "a very different set of expectations than we imagined even five or ten years ago."

The Arab oil embargoes of the 1970s shocked Americans and made many fearful of our dependence upon foreign oil. In the decades following that shock, many American political leaders called for increased conservation to reduce the demand for energy. Others called for direct federal government efforts to wean the nation off oil. Former President Barack Obama reflected the views of many when he said we could not "drill our way to lower gas prices." [2]

However, the EIA study indicates that the development of American shale oil resources through fracking was the driving factor in ending the U.S. reliance on imported energy. And the impact on oil prices has been dramatic. Last year, Royal Dutch Shell told investors that it expects oil prices to be "lower forever."

A Heritage Foundation report stated that "the doubling of U.S. oil production between 2008 and 2015 is an amazing story of American ingenuity, persistence, and, of course, drilling."[3]

The EIA study noted that increased energy efficiency also tempered growth in energy demand.

Footnotes:

  1. U.S. Energy Information Administration, "Robust energy production growth coupled with relatively flat U.S. demand support net energy exports in EIA’s AEO2018," February 6, 2018
  2. CNS News, "Obama: ‘We Can’t Drill Our Way to Lower Gas Prices’ – Experts: ‘Yes We Can,'" October 26, 2016
  3. The Heritage Foundation, "Time to Unlock America’s Vast Oil and Gas Resources," September 1, 2016

Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology. Columns published on Ballotpedia reflect the views of the author.​

Scott Rasmussen is founder and president of the Rasmussen Media Group. He is the author of "Mad as Hell: How the Tea Party Movement Is Fundamentally Remaking Our Two-Party System," "In Search of Self-Governance," and "The People’s Money: How Voters Will Balance the Budget and Eliminate the Federal Debt." Read more reports from Scott Rasmussen — Click Here Now.

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The Arab oil embargoes of the 1970s made many fearful of our dependence upon foreign oil. In the decades following, many American political leaders called for increased conservation to reduce the demand for energy. Others called for direct federal efforts to wean the nation off oil.
eia, epa, hertitage
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2018-15-15
Thursday, 15 February 2018 12:15 PM
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