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The US Shale Revolution has Reshaped the Energy Landscape at Home and Abroad - IEA

Gasoil News - Published on Tue, 17 Sep 2019

Image Source: iea.org
The International Energy Agency announced its latest in-depth review of US energy policies on Friday, welcoming US leadership on innovation and highlighting the far-reaching impact of the country’s shale revolution. The shale boom has transformed the United States into the world’s top oil and gas producer and a leading exporter for the fuels. The US approach to energy policy making has shifted from a mind-set of scarcity to one seeking to maximise the benefits of energy abundance, according to the report. US government policy reflects a strategy to boost energy production, benefit from greater energy exports, be a global leader in energy technologies and keep consumer energy bills in check. A central plank of the strategy is to reduce regulatory hurdles to expanding US energy production and increasing the competitiveness of the US energy industry. While emissions are expected to continue to decline over the coming decade. Nuclear plant retirements, as well as less stringent emissions regulations, risk offsetting gains from the move towards natural gas and renewables for electricity generation.

Dr Fatih Birol, the IEA’s Executive Director, as he presented the report alongside Rick Perry, the US Secretary of Energy, in Washington “Since the last in-depth review five years ago, the United States has reshaped energy markets both domestically and around the world. In this context, the IEA commends the lifting of the US ban on crude oil exports as well as efforts to streamline regulatory approvals for LNG exports, which have helped bolster global energy security by diversifying supply options for importers.”

The IEA report said that future production growth and exports will depend on the complementary buildout of oil and gas pipelines. Though the government has made efforts to streamline federal licensing for energy infrastructure, there remain cases of midstream infrastructure struggling to keep pace with shale production growth. Timely siting of gas pipelines will also help efforts to reduce gas-flaring rates from oil production.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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