October 18th, 2012
09:18 AM ET

The new oil and gas boom

Over the past decade, America has experienced a technological revolution–not, as expected, in renewable energy but rather in the extraction of oil and gas. As a result, domestic supplies of new sources of energy–shale gas, oil from shale, tight sands and the deepwater, natural-gas liquids–are booming. The impact is larger than anyone expected.

In 2011, for the first time since 1949, the U.S. became a net exporter of refined petroleum products. Several studies this year have projected that by the end of this decade, the U.S. will surpass both Russia and Saudi Arabia and become the world's largest producer of oil and liquid natural gas.

Read the full column at TIME

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Topics: Energy

soundoff (13 Responses)
  1. Machiavelli

    Reblogged this on Human Rights & Politics.

    October 18, 2012 at 9:42 am | Reply
  2. Paul "Look at MEEE!!! I'm working in a soup kitchen!!!" Ryan

    Next, I will pretend to work in a coal mine or pretend to work on an oil rig!!! Yeah, that's it!!!

    October 18, 2012 at 11:16 am | Reply
  3. Johnr42

    Barack ( ask me anything, I'll makeup an answer) Obama

    October 18, 2012 at 12:03 pm | Reply
  4. ENEGRY BOOM? thats a lie

    be serious.....stop the biased pro obama talking pts.

    energy development on federal lands is down....

    October 18, 2012 at 12:26 pm | Reply
  5. 100 % ETHIO

    Yes, since the past several years, America becomes THE BELTED LAND by gas pipe-lines.

    It is true, America has more than enough Bio-fuel and other natural gasses. I seen some commercial vehicles, like City-Buses run by Natural gasses. And some Six-Cylinder Cars run by propane fuels.

    We must encourage more Propane fuels to be available in several gas stations. The prices are very low and it is environmentally friendly.

    America is not a desert land, like a Jewish State and Arab Countries.
    America has lots of resources under our feet.
    Pacific Ocean, which is #1 in the World, in its 11,000 Metres deep measurement, it has so many natural resources, that never seen in the World.

    However, we do not have Technology at the moment, that could go that deep and to perform some activities. Some of you, you might wonder-why we have Technology that could reach in Moon and Stars, but not more than 11,000 Metres deep under the Ocean? The answer is not reaching deep, but having or performing many activities are impossible for now.

    Keep your Children Schooling and they will do better.

    October 18, 2012 at 3:09 pm | Reply
  6. ronwagn

    Natural gas is the future of energy. It is replacing dirty, dangerous, expensive coal and nuclear plants. It is producing the electricity for electric cars. It will directly fuel cars,pickup trucks, vans, buses, long haul trucks, dump trucks, locomotives, aircraft, ships etc. It will help keep us out of more useless wars, where we shed our blood and money. It lowers CO2 emissions. Over 2,000 natural gas story links on my blog. An annotated bibliography. The big picture of natural gas. Ron Wagner

    October 19, 2012 at 5:37 pm | Reply
  7. ✠ RZ ✠

    C'mon Fareed ! You know full well that that the glut in refined and derivative petroleum products (ie. jet fuel and whatever) was due mostly to the slow down in domestic demand and even in the face of shutting down of a number of refineries for maintenance, upgrades, or what have you. Oil imports from Canada have been constantly increasing while the amounts from other countries stays about the same, or yes maybe a bit less (and China has no issues taking up whatever slack might come their way, in addition to keeping a keen eye on what's in Canada too!). Oil in the year 2020 ?
    The US and global economy in 2020 ? The world's climate in 2020 ? Based on what we've all seen in just the past few years I'd be quite content if most of us can still manage to maintain a reasonable level of comfortable into 2020.

    October 19, 2012 at 8:38 pm | Reply
  8. callumgg

    "a decline of the geopolitical clout of Russia ... would obviously be welcome news."

    I can't help but feel that a unipolar world with the US again at the top of the hegemony will result in yet more war and instability until a balance of power would be achieved. Time Magazine seems to disregard this.

    October 21, 2012 at 9:34 am | Reply
  9. Dan

    I think it's great that the US is starting to embrace LNG as a viable fuel source, and is open to exporting it. According to this article, http://shalestuff.com/shale-industry/fedex-freight-debuts-lng-tractors-dallas/article04091, major companies are starting to investigate into converting their vehicles into 100% LNG powered vehicles. FedEx being the one featured in the article, has stated that they will be beta testing a couple tractors in early 2013. In my opinion it is a smart move, because the savings will quickly outweigh the costly start up needed.

    November 8, 2012 at 2:32 pm | Reply
  10. Billie Fielding

    FedEx Corp. acquired privately held Kinko's Inc. in February 2004 and rebranded it FedEx Kinko's. The acquisition was made to expand FedEx retail access to the general public. After the acquisition, all FedEx Kinko's locations exclusively offered only FedEx shipping.^.

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    May 3, 2013 at 3:20 pm | Reply
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