IEA Says U.S. to be Biggest Oil Producer by 2020
According to a new forecast by the International Energy Agency (IEA), 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.
The U.S. is experiencing an oil boom in large part thanks to high world prices and new technologies, including hydraulic fracturing, according to the report, that have made the extraction of oil and gas from shale rock commercially viable.
“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.
Iraq is set to become the second largest oil exporter by the 2030s, as it expands output to take advantage of demand from fast growing Asian economies.
Read the IEA report in the World Energy Outlook HERE.
What are your thought s on this projection? What does this news mean in your part of the world? How will it affect you?