Louis pointed out on Monday that America’s prospects for energy independence are improving.
For two main reasons: “Fossil fuel production is in a confirmed uptrend, increasing about 12% since 2005. [And] we’re now producing enough energy to meet almost 84% of our energy consumption. Again, the trend is moving in a decidedly positive direction.”
Well, the International Energy Agency (IEA) agrees. It predicts that the United States will become the world’s largest oil producer by 2017. And by 2035, the United States will be almost energy self-sufficient.
According to Societe Generale’s Mike Wittner, we have the shale oil boom to thank for the trend…
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“Technology has made it a lot more cost efficient. But what’s really happened just in the last couple of years is that shale oil (or tight oil from shale as the IEA says) has really [transformed] from a relatively small piece of production, something that was a bit of a wild card… In the last two years it’s really moved very fast and very dramatically to a rapidly growing piece of U.S. production.”
For more information on America’s path to energy independence, make sure to follow our energy market coverage at Oil & Energy Daily.