U.S. Oil King By 2017
November 13, 2012 by Sam Rolley
A new report out by the International Energy Agency predicts that U.S. oil output will be more than that of Saudi Arabia by the end of the decade.
Analysts say that this means two things: America is well on its way to energy independence, and environmental and green-energy advocates in the Nation will likely double down in their protestation against fossil fuels over the next few years.
The IEA predicts the United States will overtake Russia as a top gas producer by the year 2015 and be the world’s biggest oil producer by 2017. The result, according to the agency, will be a continued fall in U.S. oil imports, with North America becoming a net oil exporter by about 2030 and the United States achieving near energy independence by 2035.
“The United States, which currently imports around 20 percent 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 report says.
The IEA attributes the expected boon in American oil production to new methods and technologies for mining oil and natural gas in the United States.
“Energy developments in the United States are profound and their effect will be felt well beyond North America — and the energy sector,” the IEA said in its annual long-term report.
“The recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity — with less expensive gas and electricity prices giving industry a competitive edge.”
According to Reuters, the oil boom in the U.S. will likely have major geopolitical impacts “if Washington feels its strategic interests are no longer as embedded in the Middle East and other volatile oil producing regions.”
Environmentalists throughout the Nation have protested heavily against domestic oil production, arguing contaminated water supplies, increased air pollution and untold environmental destruction related to fracking will be the inevitable result.