Dr. Kent Moors
Dr. Kent'S LATEST HEADLINES
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After Six Decades, the U.S. Is About to Hit a Major Energy Milestone
In 2005, I was at a meeting of energy experts close to Dominion Energy's liquefied natural energy (LNG) terminal in Cove Point, Maryland.
At the meeting, it was unanimously concluded that at least 15% of U.S. natural gas demand would be met by LNG imports within the next decade.
In those days, nearly 70% of the U.S crude demand was projected to be met by imports.
At that time, American oil production was not even 7 million barrels a day, with well over 60% of total volume coming from "stripper wells" – each providing less than 10 barrels daily but many more barrels of water than oil.
Back then, we were aware of the potential lurking in shale and tight oil and gas…
But nobody could have foreseen (myself included) the largesse LNG would provide.
Well, a great deal has changed since then…
Last Wednesday, the U.S. Department of Energy reported that the United States would become a net exporter of crude oil and natural gas by 2022, which would mark the first year that U.S. energy exports surpassed imports since 1957, when Dwight Eisenhower was president.
And that is a very big deal... - The Oil Money Play
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