US Becomes Fastest-Growing Energy Producer

Wednesday, 16 May 2012 02:02 PM

By Todd Beamon

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Big new discoveries of natural gas and domestic oil have made the U.S. the world’s fastest-growing energy producer – creating the promise of millions of jobs and the possibility of energy independence within two decades.

According to USA Today, the output of the U.S., Canada, and Mexico, have turned North America into "the new Middle East," Citigroup analysts said in a recent report. This could mean as many as 3.6 million new jobs — enough to cut unemployment by two percentage points — and could bring energy independence by 2020.

The U.S. can make itself a net exporter of crude oil, refined products, and natural gas, said Citigroup’s Seth Kleinman. "We are seeing a dramatic collapse in U.S. net imports of oil as we speak, to the tune of almost one million barrels a day each year over the last four years," he said.

By 2025, U.S. oil imports will drop 20 percent, according to the U.S. Energy Information Agency. The nation could expect to get 94 percent of its energy domestically by 2030, oil giant BP projects, up from 77 percent now. Oil imports are forecasted to fall by half, the company said.

Energy billionaire T. Boone Pickens, a major investor in oil and natural-gas companies, said the U.S. could easily end oil imports from the Organization of Petroleum Exporting Countries, about half its total, through new drilling and by shifting trucks to natural gas use. Any other oil resources should come from Canada and other politically stable allies, he said.


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