November 14, 2012

US to Lead World Oil Production…for a Few Years

On Monday, the International Energy Administration released a new report that projects that the US will pass Saudi Arabia as the world’s leading producer of oil in 2020. U-S-A! U-S-A!

IEAIEA

“The United States, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms—a dramatic reversal of the trend seen in most other energy importing countries,” the IEA concluded.

The projection, of course, flies in the face of the allegation that President Obama has destroyed the oil and gas industry in the US with his crushing regulatory agenda. He hasn’t. Crude oil production actually increased 14 percent between 2008 and 2011.

Yet the amount of oil we produce is expected to decline again after 2020. Saudi Arabia is expected to retake the global lead by 2030. So maybe we should be thinking about a Plan B.

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WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

The upshot: Being able to rally $253,000 in donations over these next few weeks is vitally important simply because it is the number that keeps us right on track, helping make sure we don't end up with a bigger gap than can be filled again, helping us avoid any significant (and knowable) cash-flow crunches for now. We used to be more nonchalant about coming up short this time of year, thinking we can make it by the time June rolls around. Not anymore.

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Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

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