The US will replace Saudi Arabia as the world's largest oil producer by 2017 and supplant Russia as the world's largest producer of natural gas in 2015, according to the International Energy Agency (IEA). By 2030, the IEA expects the US to be a net oil exporter.
New techniques for extracting oil and gas from shale like hydraulic fracturing and horizontal drilling have boosted US production. Increased production is part, but not all, of the story. The IEA's chief economist gives higher production 55% of the credit for the US move to self-sufficiency. Nearly half (45%) of the credit he attributes to improving energy efficiency. For more, see the following article:
http://www.nytimes.com/2012/11/13/business/energy-environment/report-sees-us-as-top-oil-producer-in-5-years.html?ref=business
New techniques for extracting oil and gas from shale like hydraulic fracturing and horizontal drilling have boosted US production. Increased production is part, but not all, of the story. The IEA's chief economist gives higher production 55% of the credit for the US move to self-sufficiency. Nearly half (45%) of the credit he attributes to improving energy efficiency. For more, see the following article:
http://www.nytimes.com/2012/11/13/business/energy-environment/report-sees-us-as-top-oil-producer-in-5-years.html?ref=business
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