U.S. to become biggest oil producer and energy independent

Yahoo Finance ^ | November 12,2012 | Mark Thompson

[Hojczyk]

The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market, reported Paris-based IEA in its World Energy Outlook.

North America would become a net exporter of oil around 2030, the global organization said.

"The United States, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms -- a dramatic reversal of the trend seen in most other energy importing countries," the IEA stated.

The U.S. is experiencing an oil boom, in large part thanks to high world prices and technological progress that have made the extraction of oil and gas from shale rock commercially viable.

From 2008 to 2011, U.S. crude oil production jumped 14% -- going from 5.1 million barrels per day at the start of 2008 to nearly 5.8 million barrels per day, according to the Energy Information Administration. Natural gas is up by about 10% over the same period.

North America's new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.

[Bryanw92]

>>Bottom line we are so screwed and now my oldest turns 15 today and looks to a future of a country going third world

Send him to college, if you must. But be sure that he learns a trade too. We’ll all be proletariat serfs one day, but even in the Soviet Union, electricians and mechanics were valued.

[elhombrelibre]

Your comment was my exact thought. I have to assume this is yet another example of how the media implies you can get the benefits of a Republican president while having an anti-business environmentalist nut running the office of POTUS.

[Roos_Girl]

That's really odd, because this article from MAY 2011, says the US already is one. They really need to get their stories straight and consistent if we're supposed to believe them.

Here

[Gator113]

I do not believe a damn word, not one!

Had Newt been elected, we would have been on top.

Had Romney been elected, we had a good chance of being on top.

With that white hating black bastard in office and the democrats in power... there is no way to win at this. Besides, under democrat rule, it won’t be long before we can no longer afford fuel or even the things we need it for.

[John S Mosby]

The ethanol, biodiesel and “other” sources require the use of imported crude oil NOT derived from US owned resources. This article is doubly bull crap when this is combined with complete blocking of access to primary crude sources by the greenie communists in charge.

[buffaloguy]

electricians and mechanics were valued”

Boy oh Boy, Soviet designed and built plumbing is hared to contemplate. Must be a mess.

[Bryanw92]

Not sure about the plumbing, but I know a refrigeration engineer who goes over to the former Soviet ‘stans several times a year to modernize their cold storage warehouses. He says that the Soviet era stuff is amazingly ugly and unimaginative and inefficient but it still works.