Oil as a Currency Paradigm Shift

Vermont’s largest city has a new success to add to its list of socially conscious achievements: 100 percent of its electricity now comes from renewable sources such as wind, water and biomass.

With little fanfare, the Burlington Electric Department crossed the threshold this month with the purchase of the 7.4-megawatt Winooski 1 hydroelectric project on the Winooski River at the city’s edge

The game is slowly changing as small efforts to curb oil appetite are gaining hold.

2013 Oil productions 90.2 million barrels a day

Top Nations in 2013

USA 12.3 million barrels a day

Saudi Arabia 11.6 million barrels a day

Russia 10.5 million barrels a day

China 4.4 million barrels a day

Canada 4.0 million barrels a day

UAE 3.2 million barrels a day

Iran 3.1 million barrels a day

Iraq 3.0 million barrels a day

Mexico 2.9 million barrels a day

Kuwait 2.8 million barrels a day

Brazil 2.7 million barrels a day

Venezuela 2.5 million barrels a day

Nigeria 2.3 million barrels a day

Qatar 2.0 million barrels a day

Angola 1.9 million barrels a day

Norway 1.8 million barrels a day

Algeria 1.7 million barrels a day

Kazakhstan 1.6 million barrels a day

Libya 0.9 million barrels a day

Indonesia 0.9 million barrels a day

UK 0.8 million barrels a day

Azerbaijan 0.7 million barrels a day

This was only 84.4 million barrels a day  in 2009.

Saudi Arabia 9.9 million barrels a day

Russia 9.9 million barrels a day

USA 9.1 million barrels a day

China 4,0 million barrels a day

Iran 4.1 million barrels a day

Canada 3.3 million barrels a day

Mexico 3.0 million barrels a day

Kuwait 2.5 million barrels a day

Brazil 2.5 million barrels a day

Venezuela 2.5 million barrels a day

UAE 2.3 million barrels a day

Nigeria 2.3 million barrels a day

Iraq 2.3 million barrels a day

Norway 2.3 million barrels a day

Algeria 1.9 million barrels a day

Angola 1.9 million barrels a day

Qatar 1.7 million barrels a day

Libya 1.7 million barrels a day

Kazakhstan 1.5 million barrels a day

UK 1. 4 million barrels a day

Azerbaijan 1.2 million barrels a day

Indonesia 1.0 million barrels a day

The U.S. Energy Information Administration raised its estimate of 2015 output by 250,000 barrels a day to 9.53 million, the most since 1970, Adam Sieminski, the administrator of the EIA, said in a statement yesterday. The agency forecast output of 8.53 million barrels a day this year, up from 7.45 million in 2013.

“Global oil supplies are expected to grow by 1.3 million barrels a day in 2015, with output growth in the United States accounting for about 91 percent of that,”

“The growth outlook for liquid fuels use will be largely driven by demand in the developing world, especially in Asia and the Middle East,” Sieminski said. “Those two regions combined account for 85 percent of the total increase in liquid fuels use worldwide over that period.”

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