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« BackNews:

US Set To Become ‘World Oil And LNG Leader’

The US is set to become the world’s leading buyers of overfill prevention systems in the petrochemical industry, as it looks to forge ahead, building itself as the global leader in oil and gas.

The world’s energy sector is set for a complete shake-up in the next 20 years and according to The International Energy Agency’s World Energy Outlook 2017, there are four trends which will re-shape the energy production landscape of the future.

The first is to do with the growing importance of renewables in energy production. The cost of producing wind and solar energy is tumbling, and with that, in the next 25 years, energy demand will be firstly be met by renewables and natural gas.

That will mean the demand for oil will slow down, however, it’s not expected to reverse before 2040, in spite of a mainstream roll out of electric cars.

Electricity as a energy source is another of the trends, as the share of it in the overall mix increases. Dr Fatih Birol, executive director for the IEA, says: “Electric vehicles are in the fast lane as a result of government support and declining battery costs but it is far too early to write the obituary of oil, as growth for trucks, petrochemicals, shipping and aviation keep pushing demand higher.”

This points come with another of the key trends - that the US is seeing a resurgence in oil and gas production. The revolution comes from low-cost ways to unlock new resources, according to Tank Storage Magazine, and by the mid-2020s, the US is set to become the largest NG and oil exporter in the world.