Exploring Hydrocarbon Depletion
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Mmm, I seem to remember that they also posted world records in December and January (for the previous months), which turned out to be rather premature, with sharp downward revisions for both months (November and December). Isn't sharp downward revisions becoming a trend?FreddyH wrote:IPM quarterlies plus today's new IEA world record of 87.2-mbd
This energy outlook for natural gas to 2030 was developed by the US Energy Information Administration and focuses on a short-term reference case, Annual Energy Outlook 2008 (AEO2008), which it compares with the Annual Energy Outlook 2007 (AEO2007) reference case.
Meanwhile, this reference case assumes that current policies affecting the energy sector remain unchanged throughout the projection period. Policy changes-such as the adoption of policies to reduce greenhouse gas emissions-could change the projections.
Trends in energy supply and demand are affected by difficult-to- predict factors: energy prices, US and worldwide economic growth, advances in technologies, and future public policy decisions in the US and in other countries.
Key energy market changes EIA analysts have identified include:
* Higher oil and gas prices.
* Higher delivered energy prices, reflecting both higher wellhead prices and transportation and distribution costs.
* Slower projected growth in energy demand, especially for gas.
* Faster projected growth in the use of (nonhydroelectric) renewable energy forms.
* Higher domestic oil production in the near term.
* Slower projected growth in gas imports.
* Slower projected growth in energy-related emissions of carbon dioxide.
These important adjustments, however, have limited implications for some parts of the overall energy outlook, and US energy consumption will continue to be met predominantly by traditional fossil fuels, with coal, liquid fuel (excluding biofuels included in liquids), and natural gas meeting 83% of total US primary energy supply requirements in 2030-down only slightly from an 85% share in 2006 despite higher energy prices, lower total energy demand, and increased use of renewable energy compared with AEO2007.
pup55 wrote:(shakes head)
Demand for natural gas in the US has been flat for over 10 years.
Mechler wrote:Demand for natural gas in the US has been flat for over 10 years.
Um, dude, that's what happens when you relocate almost all of your manufacturing base overseas. I'm not so sure the US public is ready to outsource their driving, much to the dismay of billions of Chinese and Indians.
The Energy Information Administration (EIA), created by Congress in 1977, is a statistical agency of the U.S. Department of Energy. Our mission is to provide policy-independent data, forecasts, and analyses to promote sound policy making, efficient markets, and public understanding regarding energy and its interaction with the economy and the environment.
The Department of Energy Organization Act (Public Law 95-91) allows EIA's processes and products to be independent from review by Executive Branch officials; specifically Section 205(d) says:
"The Administrator shall not be required to obtain the approval of any other officer or employee of the Department in connection with the collection or analysis of any information; nor shall the Administrator be required, prior to publication, to obtain the approval of any other officer or employee of the United States with respect to the substance of any statistical or forecasting technical reports which he has prepared in accordance with law."
US Official: Speculation Fuels Oil Price
16 minutes ago
WASHINGTON (AP) — A top Energy Department official says market speculation may be adding as much as $12 to the price of crude oil and that prices may not yet have peaked.
The head of the federal Energy Information Administration, Guy Caruso, told a Senate hearing that supply and demand would suggest a price of about $90 a barrel. Prices fluctuated around $102 a barrel Tuesday after surging to a record $104 a barrel on Monday.
Caruso told a Senate hearing that market speculation, the decline of the dollar and money moving into commodities have added to the upward pressure on crude oil prices.
DOW JONES NEWSWIRES
March 4, 2008 11:02 a.m.
By Siobhan Hughes
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Energy Information Administration's top official on Tuesday said that speculators were having an effect on oil prices, though the effect was difficult to quantify.
"There's clearly been a surge in moneys coming in to commodities markets, including energy, which has had some upward effect on the price above the trendline," EIA Administrator Guy Caruso said in response to a question during a Senate Energy and Natural Resources Committee hearing.
"Something's clearly going on," he said. "It's difficult to say whether that number is $5 or $10," he said, but said he would "strongly disagree" that it is $50.
EIA Projects 'Real-World Crude' At $57/Bbl In 2016
DOW JONES NEWSWIRES
March 4, 2008 10:19 a.m.
By Siobhan Hughes
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Energy Information Administration on Tuesday projected that the price of so-called "real-world crude" oil would decline to $57 a barrel in 2016 as expanded investment in exploration and development brings new supplies to the market.
Guy Caruso, the administrator of the EIA, provided the estimate in testimony before the Senate Energy and Natural Resources Committee.
He said that the price of natural gas would decline through 2016, also as new supplies enter the market. After 2016, he projects that real natural gas prices would rise to $6.56 per thousand cubic feet in 2030.
He also said that the consumption of biofuels would rise to 29.7 billion gallons in 2030, or about 11.3% of total motor vehicle fuel, following the enactment last year of a law that mandated more ethanol be blended into the fuel supply.
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