BP says US set to become energy self-sufficient soon

BP says US set to become energy self-sufficient soon

LONDON - Agence France-Presse
BP says US set to become energy self-sufficient soon

An oil drilling rig is seen September 29, 2010 near Stanley, North Dakota. AFP photo

The United States will become almost self-sufficient for its energy needs by 2030, boosted by shale oil and gas output and slowing demand, British energy giant BP has forecast.

 “By 2030, increasing production and moderating demand will result in the United States being 99-percent self-sufficient in net energy; in 2005 it was only 70-percent self-sufficient,” BP said in its latest Energy Outlook report.

“Meanwhile, with continuing steep economic growth, major emerging economies such as China and India will become increasingly reliant on energy imports. These shifts will have major impacts on trade balances.” The London-listed giant added that the rapid growth of unconventional energy sources -- like shale gas and oil which is extracted from low-pressure fractures in the ground -- would redraw the global energy landscape.

“Strong growth in production from unconventional sources of gas and oil will have a major impact on global energy markets to 2030, redefining expectations for major economies and rebalancing global trade flows,” it said.

Unconventional oil sources were meanwhile forecast to provide all of the net growth in global oil supply needs until 2020, and more than 70 percent of growth to 2030, according to BP.

The Paris-based International Energy Agency had in November forecast that the U.S. would become the world’s top oil producer over the course of the next two decades, overtaking Saudi Arabia on the back of surging shale oil and gas output.

US economy picks UP since November: Fed

WASHINGTON – Agence France Presse

The U.S. economy has picked up pace since November, with Christmas sales modestly stronger and New York and New Jersey rebounding from Hurricane Sandy, the Federal Reserve’s Beige Book showed on Jan. 16. But the survey of regional economic activity, important to setting monetary policy, showed manufacturing still sluggish, hiring and inflation still subdued and the stifling effect of the fiscal cliff fight still lingering. “Reports from the twelve Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report, with all twelve Districts characterizing the pace of growth as either modest or moderate,” the report said. Christmas season sales were “modestly” higher from 2011 around the country.