United States To Become Top Oil Producer By 2017, Report Says

The United States is set to become the world’s top oil producer by the year 2017, according to a new report by the International Energy Agency, which predicted the country will also be a net oil exporter by the year 2030.

The increased oil production from the US, as well as new American policies to improve energy efficiency, will mean that the United States is set to become “all but self-sufficient” in meeting its energy needs in the next 20 years, reports The New York Times.

The United States becoming energy self-sufficient is a “dramatic reversal of the trend” seen in most developed countries. Faith Birol, chief economist at the International Energy Agency, based in Paris, stated before the report’s release, “The foundations of the global energy systems are shifting.”

The agency works to advise industrialized nations on energy issues and previously reported that Saudi Arabia could be expected to be the leading oil producer until 2035. Yahoo! News notes that the report stated:

“The recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity — with less expensive gas and electricity prices giving industry a competitive edge.”

The IEA added that it has seen a continual fall in US oil imports, adding:

“The United States, which currently imports around 20 percent 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 United States is also predicted to rely more on natural gas than either oil or coal by the year 2035 because of cheap domestic supply boosting demand among industry and power generators.