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US to become world's largest producer of oil by 2017 says International Energy Agency

The United States will overtake Saudi Arabia as the world’s leading oil producer by about 2017 and will become a net oil exporter by 2030, the International Energy Agency said Monday. There are several components of the sudden shift in the world’s energy supply, but the prime mover is a resurgence of oil and gas production in the United States, particularly the unlocking of new reserves of oil and gas found in shale rock. The widespread adoption of techniques like hydraulic fracturing and horizontal drilling has made those reserves much more accessible, and in the case of natural gas, resulted in a vast glut that has sent prices plunging. The report predicted that the United States would overtake Russia as the leading producer of natural gas in 2015.

Original IEA report available here:

Elizabeth Rosenthal, "U.S. to Be World’s Top Oil Producer in 5 Years, Report Says," New York Times, Nov. 12, 2012. [verified 4/17/14]

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