Posted on 10/17/2013 5:22:30 AM PDT by thackney
Rising oil and gas production and improving energy efficiency in the United States could slash its oil imports in half by the end of 2020 from levels seen two years ago, the West's energy watchdog said on Wednesday.
The Paris-based International Energy Agency (IEA) earlier this month said the United States would overtake Russia next year to become the world's largest oil producer thanks to its shale oil boom.
Adding that development to energy savings from investments in efficiency will cut the need of the world's largest oil consumer to rely on imported oils, the IEA said. Earlier this month, the U.S. government said the country had already ceded its ranking as top global oil importer to China.
In the report released on Tuesday at the World Energy Congress in South Korea, the IEA said...
(Excerpt) Read more at rigzone.com ...
$2 gas won’t happen.
It might if they perfect the GTL process.
Not likely, but that is a different topic.
If the price of oil cut in half, we wouldn’t be having the domestic growth in production.
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