Gipper
Well-Known Member
LONDON - A shale oil boom means the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly transform not just the world's energy supplies, but also its geopolitics, the International Energy Agency said Monday.
In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map "is being redrawn by the resurgence in oil and gas production in the United States."The assessment is in stark contrast with last year, when it envisioned Russia and Saudi Arabia vying for the top position."By around 2020, the United States is projected to become the largest global oil producer" and to overtake Saudi Arabia for a time, the agency said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."This major shift will be driven primarily by the faster-than-expected development of hydrocarbon resources locked in shale and other tight rock formations that have just started to be unlocked by a new combination of two technologies: hydraulic fracturing and horizontal drilling.
Experts claim this will reduce the cost of gasoline significantly for Americans....like maybe reducing it to under $2 per gallon....
This is great news to some of us. But we know warmers, libs, and enviro whackos will hate this. I am betting they will do anything to keep the cost of gas high, including treason, in a foolish effort to 'save the planet.' Ugh!