North America has long been known for its reliance on oil, especially foreign oil. We put it in our cars, use it for heat, and even use it to manufacture various items. If ever a country needed oil, it has been the United States of America. This has led to much political unrest, as well as environmental concerns. However, new predictions indicate that the United States could soon be more of a supplier of oil, instead of a consumer of oil. ExxonMobil’s yearly long-term energy forecast shows that our country could quite well be a leading supplier of the world’s oil and other liquid hydrocarbons by the end of this decade.
By 2025, the forecast predicts that the amounts of natural gas discovered in the United States and elsewhere in North America could make our continent one of the largest exporters of fuel. Even as our own demand for oil and natural gas increase, we may still rise to this prediction, according to Exxon’s chief strategist, Bill Colton. Good old American ingenuity has proved peak oil theorists wrong.
The developing world of the global middle class is expected to grow from 2 billion to 5 billion over the next several years. With this growth and development will come purchases of modern conveniences and technologies such as air conditioners and vehicles.
New drilling technologies have made what was once impossible, or even unknown, possible. Engineers have been able to get to oil and gas located in unconventional rock and in extreme locations. Even in light of rumors that the world is running out of oil and stricter environmental controls, Exxon, a large consumer of API thread protectors, sees a bright future for the United States when it comes to gas and oil.
The Exxon energy outlook forecast makes predictions through the year 2040 and is updated annually. It is used not only by Exxon itself, but also by policymakers and investors. For now, it is consistent with the predictions of the International Energy Agency. Both predict that the demand for energy will increase quickly over the next few decades in developing nations. However, it is also predicted that the already developed world will either decline or remain the same in its energy consumption as technologies become more efficient and stricter environmental policies are enforced.
Opponents of this Exxon forecast state that other non-related scientific studies done by other oil and gas companies, as well as government forecasters are over-reaching in their predictions. They say that less oil and gas than predicted will be accessible within the shale formations responsible for the United States’ increase in oil and gas production. Others are concerned that if the predictions of Exxon come true we may see real threats to the environment, national security, economy, land and even our water and food supply. This is due to the level at which carbon dioxide will be in the environment.
Still, predictions and scientific evidence are strong, proving that the likelihood of a North America that exports more oil and liquid hydrocarbons than it imports are strong.
As for the future of API thread protectors, don’t worry. Here at Essentra Pipe Protection Technologies, we’re ready for increasing oil production in the U.S. Our facilities have the capacity for even the highest demands for OCTG. Contact us today!