The shale boom that started nearly one decade ago has put the U.S. on a path toward becoming an energy superpower in 2017.
Yet that status isn’t guaranteed. Decisions made in the last few years by the oil industry have positioned the country to provide enormous amounts of energy to other countries, but a few factors may make it difficult for the U.S. to achieve energy superpower status this year.
Why the US Will Become an Energy Superpower
According to the Council on Foreign Relations, the shale revolution has had an enormous impact on U.S. oil and natural gas production. Instead of relying on other countries for energy, the U.S. is now a global supplier of energy. In 2016, the country exported more liquefied natural gas than it imported for the first time since the 1950s, Bloomberg reported.
The U.S. is poised to become an energy superpower due to a modern pipeline system. This year, a number of modernized terminals and pipelines are expected to come online that will transport nearly 18 billion cubic feet of gas from the Northeast’s Marcellus shale formation.
Those refurbished pipelines will allow gas to be distributed to Gulf Coast terminals where it’s easier to ship to destinations overseas in Central and South America, parts of Europe and Asia. Previously, gas could only flow from the Gulf Coast to cities in the Northeast.
Why the US Won’t Become an Energy Superpower
Though it seems the U.S. will achieve energy superpower status in 2017, the biggest risk may be finding customers to sell energy to. According to Bloomberg, oil companies requested permission from the U.S. State Department to export nearly 36 billion cubic feet of energy a day to countries (and customers) that don’t have trade agreements with the U.S. However, increased global competition may make it difficult to find customers.
This year, the U.S., with the help of modernized pipelines, may be able to call itself an energy superpower by maintaining current production levels and shipping that energy overseas. But political desires, a dwindling customer base and higher prices represent the biggest challenges toward achieving that status.
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