Publications: Notes at the Margin

The Clueless IEA (November 18, 2013)


Last week, the International Energy Agency issued a new long-term forecast. According to the press, the IEA now believes the US shale oil bonanza will peak around 2020 and then end. As Financial Times reports, the agency's chief economist is very worried that oil-exporting countries will slow their oil and gas development efforts and thus create a global supply shortage by 2025. The IEA view can only be described as "clueless." This week's report discusses the reasons behind this conclusion. It also examines the widening spread between Dated Brent and WTI and now Louisiana Light Sweet (LLS) crude. Finally, it touches on the EPA's release of its proposed rule for 2014 ethanol requirements, setting the stage for more analysis to come.


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