t’s something that hasn’t happened since Jimmy Carter was president of the US.The world’s largest oil consumer is now the world’s largest producer and a net exporter for the first time since the successive oil crises of the 1970s.And it’s no just oil and gas. In fact, the Lower 48 is on the cusp of being almost entirely self sufficient in all forms of energy by 2035, according to the International Energy Agency (IEA)..In a report by investment firm JP Morgan, Michael Cembalest, chair of the bank's market and investment strategy arm, declared that "the U.S. has achieved energy independence for the first time in 40 years while Europe and China compete for global energy resources."In an accompanying report, it suggests the US became a net exporter around 2019, and as of 2022 was providing nearly 200 million tonnes of fossil fuels to the global market.The distinction is important because ‘energy independence’ means America is less likely to suffer from shortages of fossil fuels and price rises due to fluctuations in international markets. That said, it still imports about 30% of the oil and gas it consumes from Canada, which it buys at a discount while allowing it to export higher valued light oil..In the wake of Russia’s invasion of Ukraine, gas prices rose 157% in Europe in the six months while prices in the US rose only 88%, or about half. They have since fallen to less than half of their February 2022 levels.It comes after the US pumped more than 13 million barrels per day (bpd) last year, something no nation on Earth has ever managed to do.Even as petroleum consumption was falling, however, the report noted that the US and other Western nations were increasing imports of rare Earth minerals needed for batteries in EVs.That’s prompted environmentalists to suggest that the gains in US oil production are “incompatible” with its stated climate change goals."The message Biden is sending is that fighting the climate crisis is not a priority for him," Jill Stein, the Green Party presidential candidate and likely nominee, told Newsweek. "Biden has betrayed climate voters, particularly young people, after they played a critical role in helping him get elected.".Speaking in Houston on Monday, the head of the world’s largest energy company, Saudi Aramco, urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston where Alberta Premier Danielle Smith is attending along with Energy Minister Brian Jean.Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace good oil fossil fuel in any meaningful scale, he added.“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said.Oil prices were at a year-high on Monday, reaching $82.48 per barrel for West Texas Intermediate and $87 in London for European Brent.
t’s something that hasn’t happened since Jimmy Carter was president of the US.The world’s largest oil consumer is now the world’s largest producer and a net exporter for the first time since the successive oil crises of the 1970s.And it’s no just oil and gas. In fact, the Lower 48 is on the cusp of being almost entirely self sufficient in all forms of energy by 2035, according to the International Energy Agency (IEA)..In a report by investment firm JP Morgan, Michael Cembalest, chair of the bank's market and investment strategy arm, declared that "the U.S. has achieved energy independence for the first time in 40 years while Europe and China compete for global energy resources."In an accompanying report, it suggests the US became a net exporter around 2019, and as of 2022 was providing nearly 200 million tonnes of fossil fuels to the global market.The distinction is important because ‘energy independence’ means America is less likely to suffer from shortages of fossil fuels and price rises due to fluctuations in international markets. That said, it still imports about 30% of the oil and gas it consumes from Canada, which it buys at a discount while allowing it to export higher valued light oil..In the wake of Russia’s invasion of Ukraine, gas prices rose 157% in Europe in the six months while prices in the US rose only 88%, or about half. They have since fallen to less than half of their February 2022 levels.It comes after the US pumped more than 13 million barrels per day (bpd) last year, something no nation on Earth has ever managed to do.Even as petroleum consumption was falling, however, the report noted that the US and other Western nations were increasing imports of rare Earth minerals needed for batteries in EVs.That’s prompted environmentalists to suggest that the gains in US oil production are “incompatible” with its stated climate change goals."The message Biden is sending is that fighting the climate crisis is not a priority for him," Jill Stein, the Green Party presidential candidate and likely nominee, told Newsweek. "Biden has betrayed climate voters, particularly young people, after they played a critical role in helping him get elected.".Speaking in Houston on Monday, the head of the world’s largest energy company, Saudi Aramco, urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston where Alberta Premier Danielle Smith is attending along with Energy Minister Brian Jean.Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace good oil fossil fuel in any meaningful scale, he added.“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said.Oil prices were at a year-high on Monday, reaching $82.48 per barrel for West Texas Intermediate and $87 in London for European Brent.
