Supply outlook for U. S. oil and gas
Various projections are made concerning the U.S. oil and gas supplies. Charles E. Spahr, Standard Oil of Ohio, predicts that U.S. dependence on foreign oil could increase by 300,000 bpd next year despite the delivery of 1.2 million bpd of Alaskan oil late in the year. The U.S. energy picture for 1985 could be good ''if the nation deregulates natural gas prices and continues to regulate crude oil prices,'' says Dr. Russell Thompson, University of Houston. But C. A. Rolander, Gulf Oil Corp., points out that the U.S. is already falling behind year-old energy projections that the U.S. could expand total domestic energy production to 44.5 MMbpd of oil equivalent by 1985; a second study indicates only 34 MMbpd of oil equivalent produced by 1985, and reasons for this change and alternatives available are summarized. An analysis of the U.S. import situation by the American Petroleum Inst. shows no signs of reduced U.S. dependence of foreign sources to fulfill domestic petroleum needs. Imports constitute a larger percentage of domestic demand than prior to the embargo. Exxon's study of the U.S. reserves indicates that the U.S. has an estimated 118 billion barrels of liquid petroleum and about 582 trillion cubic feet of natural gas that have not yet been discovered. Some of the potential included in this total is not economically recoverable today. Economists at the Chase Manhattan Bank forecast that energy in the U.S. this year will be below the 1973 level; with the decline in domestic oil production, oil imports are expected to jump to 42 percent of total oil supply in 1976. The coal-to-gasoline process and the bleak outlook for oil shale development are discussed. (MCW)
- OSTI ID:
- 7186165
- Journal Information:
- Hydrocarbon Process.; (United States), Vol. 55:4
- Country of Publication:
- United States
- Language:
- English
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POLICY AND ECONOMY
02 PETROLEUM
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PETROLEUM
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ECONOMICS
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FORECASTING
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PETROLEUM REFINERIES
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