U.S. to become world's top oil producer in 2015 - IEA
Katie Erickson, Bethany Headrick, Peter Choudek
United States is expected to pass Saudi Arabia and Russia for the top oil producing country by 2015. Our oil reserves in North Dakota and Texas will propel us to the top; we are expecting. With the increase in oil production, the IEA predicts that we will produce around 101 million barrels a day. This is expected to go down by 2020. By 2020 the middle eastern countries will once again be at the top of the oil producing world. The oil prices will rise with the developments of different resources like a light, tight oil that has fueled the oil boom in the U.S. This is relevant to economics because oil prices fluctuate with supply and demand. Oil prices also determine what airline companies charge for tickets and service. If the United States becomes self sufficient with oil, our economy will improve greatly if even for a few years.
Do you think that it is probable for the U.S. to become the top oil producer? What kind of effect will it have on our economy?
http://finance.yahoo.com/news/u-become-worlds-top-oil-134055417.html
Hudson, Dale. "U.S. to Become World's Top Oil Producer in 2015 - IEA." Yahoo Finance. Reuters.com, 12 Nov. 2013. Web. 21 Nov. 2013. <http://finance.yahoo.com/news/u-become-worlds-top-oil-134055417.html>.
14 comments:
Yes, the title of your article is that we will. I think it should have a beneficial impact on the economy since we won't be forced to buy as much oil from the middle eastern countries.
Judging by the title of your composition, i believe that the U.S. will become a leading producer in the oil field.
I believe that its probable but not possible because in the past, the U.S. has been drilling oil and something goes wrong. There was the huge BP spill that happened not that long ago, there was a spill in North Dakota in September of this year. We've had a total of four spills this year so why would we not spill more. If we do succeed to become one of the top oil producers, I feel like the economy will get slightly better and we could start to tackle the country's debt.
I believe that its probable, and it would most likely get better.
I feel that it is possible for America to become a top oil producer. However, I don't believe there are many more oil fields left in America. If this were to happen America's economy would go up exponentially for the better.
I believe it is probable. We have a large amount of oil reserves we just have not been drilling them until now. I believe it will have a good effect in the near future but past that it will be detrimental. With the added amount of oil, the price of it will go down and prices of products will decrease. After this oil boom however, these low prices will disappear due to a rise in oil prices.
I believe it would be very profitable, and it would cause the price of oil to drop with the increased number of producers in the market.
I think America could become the top oil producer. If this would be to happen, it could significantly improve the economy in the United States. This could also hurt the economy because as the supply of oil goes up, the price would go down. Then as soon as the oil is gone, the price would become incredibly expensive.
We will not become a top oil producer, we simply do not have the amount of oil to become a powerful oil producer.
The US becoming the top producer of oil will greatly benefit American citizens. It will drive down the price of gas, and encourage people to travel more and likely spend more money on other things. Of course, this will also be bad for the atmosphere, but more fuel efficient and even fully electric cars coming out will counteract this.
we will become the top oil producer. it is inevitable.
While the US's economy being strong is important to me, I also think that an oil-based transportation system is a thing of the past. I think that relying on oil is the same as people that use typewriters to type spreadsheets--- It's simply antiquated. At this point in our history with transportation, we should be focusing on large scale implementation of alternative fuel sources, such as solar and hydrogen power.
I think it could happen but it is more than likly not going to happen! I feel like there is not alot of places here in the US where we can get oil
I think there is a chance that we could become a top oil producer, but it won't stay for long. It will boost our economy.
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