Report Says United States To Be World’s Biggest Oil Producer by 2020

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Nov. 13 2012 2:25 PM

Report Says United States To Be World’s Biggest Oil Producer by 2020

Could the United States become the world's largest oil producer by 2020? That's exactly what the International Energy Agency is forecasting. According to the IEA and its World Energy Outlook report, new technologies and a boom in shale oil production will help the United States produce 11.1 million barrels per day in 2020, overtaking both Saudi Arabia and Russia.

The report also says that by 2035 America will be nearly energy self-sufficient. This will represent “a dramatic reversal of the trend seen in most other energy-importing countries," given that the United States imports roughly 20 percent of its energy needs today.

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Much of the new U.S. energy will be derived from fracking: blasting dense rocks apart to release the fossil fuels trapped within. Of course, with all this newfound oil, it remains to be seen how hot we'll be as we enjoy our energy independence.

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