Do we dare call it…an energy renaissance?
The global energy supply is rapidly and dramatically shifting; the fracturing of underground shale rock formations to extract oil and gas has led to a much needed economic boom across the U.S. A combination of horizontal drilling and hydraulic fracturing has helped increase U.S. supplies, that will significantly reduce imports from traditional suppliers like Saudi Arabia, like the North Sea, West Africa. In a turnaround that would have seemed far-fetched a few years ago, the United States is projected to surpass Saudi Arabia as the world’s top oil producer by 2020 while cutting its own energy use faster than any other nation, the International Energy Agency reports.
New fuel efficiency standard for cars and light-duty trucks along with increased use of renewable energy and biofuels, will slash the nation’s per-capita fossil-fuel usage between 2010 and 2035. The U.S. relies on imports for 20% of its energy needs, but the report said increased production and higher vehicle-fuel standards will help make the country “all but self-sufficient” by 2035. It is also projected that a reduction in domestic oil demand will help decrease carbon dioxide emissions by 2035.
North America’s new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia. PIERS data can reveal the details behind every waterborne shipment of crude oil into the U.S. in addition to details on exports of oil derivatives like gasoline, diesel and aviation fuel. Register for a free demo and a solutions expert will show you how PIERS trade intelligence can assist your business.