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US to Become World’s Largest Oil Producer in Eight Years
Posted By Daniel Greenfield On November 13, 2012 @ 5:16 pm In The Point | 5 Comments
Unfortunately getting there will require getting past the miserable failure in the White House who is determined to kill the domestic oil and coal industries and force Americans to invest in Islamic terrorism by buying foreign oil, while also paying his Green friends their kickbacks from failed subsidized Green energy projects.
“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.
Within a decade, the IEA forecasts U.S. oil imports will fall by more than half, to just 4 million barrels a day from 10 million barrels a day currently. Much of this decline will be due to higher domestic production, but efforts to improve energy efficiency in the transport sector will also prove significant, the IEA said.
To Americans this is good news. To Obama and the environmentalist left this is a threat that they have to stop before people realize that they don’t have to empty their pockets to drive to work. Or waste money on a Chevy Volt.
Unfortunately the ObamaPhone vote has given Obama another 4 years to force high gas prices on Americans by killing the domestic energy industry. But he and his corrupt Green cronies will have to race the ingenuity of the American businessman and scientist to the finish line.
So we may be entering a real life Atlas Shrugs event here. Except instead of trains, think shale oil.
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