The United States will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources, the International Energy Agency forecast on Monday.This is good news-assuming that the EPA and environmentalists don't find ways of screwing it up first...
In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production -- thanks partly to a boom in shale gas output -- as well as more efficient use of energy will allow the U.S., which now imports around 20 percent of its energy needs, to become nearly self-sufficient around 2035.
That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound and their effect will be felt well beyond North America -- and the energy sector."
Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.
Monday, November 12, 2012
Black Gold Country
At long last, energy independence?