Petroleum Africa
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Friday, April 17, 2015
Recent reports from various energy agencies have the US’ export potential on the rise, reaching an import/export balance by 2028. The Energy Information Administration’s recent report, “Annual Energy Outlook 2015” (AEO2015) delves into those projections. According to the AEO2015, a number of factors go into determining whether the US returns to an import/export balance (something it hasn’t seen since 1950), becoming a net exporter, or remaining a net importer.
“The timing of the projected end to US net energy imports depends on assumptions about oil prices, energy resources, and economic growth. In the AEO2015 Reference case, imports and exports are balanced starting in 2028. In other cases, such as the High Oil Price and High Oil and Gas Resource cases, the US becomes a net exporter of energy in 2019. However, in the Low Oil Price case the US remains a net energy importer through 2040,” the EIA said.
What is driving the country’s energy economy is advanced technologies, not only in the oil and gas sectors, but also the renewable sector as it too is gaining ground. Renewable energy will meet much of the growth in electricity demand; this, along with the surge that has been seen in non-conventional resources such as shale oil and gas, could contribute to a net export future for the US.
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