North American Oil Development Is Reducing Demand for Foreign Oil

By:  Bob Adelmann
11/03/2011
       
North American Oil Development Is Reducing Demand for Foreign Oil

The September 15 report from the National Petroleum Council expressed surprise at how much has changed just since their “Hard Truths” report of 2007 that domestic energy development was falling behind escalating demand.  The “Hard Truths” report stated that although “the world is not running out of energy resources … there are accumulating risks to continuing expansion of oil and natural gas production … [which] create significant challenges to meeting projected total energy demand.” As a result, the concept of “Energy Independence” is “not realistic in the foreseeable future” and therefore “the United States must moderate the growing demand for energy.”

In NPC’s letter to Secretary of Energy Steven Chu introducing the latest study, chairman James Hackett said

Extraordinary events have affected energy markets in the years since the NPC reported on the “Hard Truths” about energy in 2007. That study concluded that the world would need increased energy efficiency and all economic forms of energy supply.

This is still true today, but since then, significant technology advances have unlocked abundant natural gas and oil resources. These greatly expanded resources have already benefited our country economically. Increased supplies of natural gas have resulted in lower prices and helped revitalize many U.S. industries.

The September 15 report from the National Petroleum Council expressed surprise at how much has changed just since their “Hard Truths” report of 2007 that domestic energy development was falling behind escalating demand.

The “Hard Truths” report stated that although “the world is not running out of energy resources … there are accumulating risks to continuing expansion of oil and natural gas production … [which] create significant challenges to meeting projected total energy demand.” As a result, the concept of “Energy Independence” is “not realistic in the foreseeable future” and therefore “the United States must moderate the growing demand for energy.”

In NPC’s letter to Secretary of Energy Steven Chu introducing the latest study, chairman James Hackett said:

Extraordinary events have affected energy markets in the years since the NPC reported on the “Hard Truths” about energy in 2007. That study concluded that the world would need increased energy efficiency and all economic forms of energy supply.

This is still true today, but since then, significant technology advances have unlocked abundant natural gas and oil resources. These greatly expanded resources have already benefited our country economically. Increased supplies of natural gas have resulted in lower prices and helped revitalize many U.S. industries.

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