IEA: U.S. To Be World’s Largest Oil Producer Before 2020; Energy Self-Sufficient By 2035
Submitted by Cheston Catalano
The International Energy Agency says the United States will be the top world oil producer within five years, a net oil exporter by 2030, and energy self-sufficient by 2035.
It’s a bold set of predictions for a nation that currently imports some 20% of its energy needs.
Recently, however, an “energy renaissance” in the U.S. has caused a boost in oil, shale gas and bio-energy production due to new technologies such as hydraulic fracturing, or fracking. Fuel efficiency has improved in the transportation sector. The clean energy industry has seen an influx of solar and wind efforts.
By 2015, U.S. oil production is expected to rise to 10 million barrels per day before increasing to 11.1 million bpd by 2020, overtaking second-place Russia and front-runner Saudi Arabia. The U.S. will export more oil than it brings into the country in 2030.