Adam Sieminski News
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The U.S. oil boom is moving Congress closer than it has been in more than three decades to easing the ban on exporting crude imposed after the Arab embargo.
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Global resources of oil and gas from shale formations are greater than previously estimated as more nations join efforts to explore for deposits following a burst of production in the U.S.
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U.S. oil exports are poised to reach the highest level in 28 years as deliveries to Canada more than triple, helping bring down the price of the global benchmark Brent crude relative to U.S. grades.
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Oil skeptics like to point out that the U.S. consumes 20 percent of the world’s oil but owns only 2 percent of global reserves. Such lopsided numbers, they insist, destine the U.S. to depend on foreign crude -- unless it slashes its consumption and embraces alternatives. Lately, though, a surge in U.S. oil production appears to have turned the tables.
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The U.S. might consider exporting light, sweet crude to Mexico in a swap for heavy crude, Adam Sieminski, administrator of the U.S. Energy Information Administration, said today at a conference in Houston.
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The Energy Information Administration lowered its forecast for summer 2013 gasoline prices.
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A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades.
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Adam Sieminski, head of the U.S. Energy Information Administration, said falling costs for wind power will make the alternate energy competitive with natural gas and coal, spurring expansion in the next two decades.
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The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations.
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Oil and gas rigs in the U.S. fell for a third straight week to the lowest level since January after producers moved equipment out of gas plays.
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