BRADENTON, Fla.--(BUSINESS WIRE)--Domestic oil and gas developers including First Titan Corp. (OTCBB: FTTN) got some good news from the Energy Information Administration (EIA) this week when the agency announced that the U.S. will dramatically reduce its oil imports over the next 20 years.
Between now and 2035, oil imports will decline from 49 percent to 36 percent, said EIA Acting Administrator Howard Gruenspecht on Monday during the agency’s preliminary update of its Annual Energy Outlook for 2012. One of the major causes of the downtick is rapidly increasing production from domestic energy companies such as FTTN, which acquired a working interest in two promising oil and gas leases this month.
FTTN and others are working to expand U.S. oil exploration and production as quickly as possible as global demand skyrockets. Increased energy usage from emerging nations such as Brazil, India, Russia and China is set to increase the price of oil dramatically in coming years. The EIA projects the average barrel of oil will cost $230 in 2035 dollars, nearly 50 percent more than today.
FTTN plans to continue acquiring new oil and gas assets to capitalize on rising energy prices and to help ensure the energy security of the U.S.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
For more information on FTTN’s unconventional resources initiative, please visit www.firsttitanenergy.com/investors.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
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