The growing energy boom in the United States will make it the largest global oil producer by the end of the decade, temporarily exceeding Saudi Arabia, and a top exporter of natural gas, according to a new report. Released Monday, the International Energy Agency (IEA), a French research group for oil-importing nations, published data showing that by 2030, the United States will be energy self-sufficient on net and North America will become a net oil exporter.
“North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world, yet the potential also exists for a similarly transformative shift in global energy efficiency,” asserted IEA Executive Director Maria van der Hoeven. “This year’s World Energy Outlook shows that by 2035, we can achieve energy savings equivalent to nearly a fifth of global demand in 2010. In other words, energy efficiency is just as important as unconstrained energy supply, and increased action on efficiency can serve as a unifying energy policy that brings multiple benefits.”
Not since 1989, when the Berlin Wall fell and the “peace dividend” of military spending cuts was propelled, has the United States derived such an abrupt economic boost. According to the IEA report, as long as “fracking” technology — a hydraulic drilling technique that injects water, sand, and chemicals deep underground to crack shale rock formations and extract oil and natural gas — is determined environmentally safe, the rush in unconventional oil and natural gas will offer exceptional benefits to the U.S. economy, including, according to the Christian Science Monitor,
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