The International Energy Agency (IEA) released their World Energy Outlook report for 2012 today making headlines by forecasting that the United States will become the world's largest oil producer by 2020.
"North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world..." said IEA Executive Director Maria van der Hoeven in today's press release.
"The WEO finds that the extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows," the press release continued. "...the United States becomes a net exporter of natural gas by 2020 and is almost self-sufficient in energy, in net terms, by 2035. North America emerges as a net oil exporter..."
All of this good news is based upon the continued rapid development of America's shale gas and shale oil resources through the use of fracking.
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Positive U.S. Energy Outlook Hinges on the Fracking Fight
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Obama Energy Policy Boosts Natural Gas Stocks
U.S. President Barack Obama addressed Georgetown University students Wednesday with a speech about U.S. energy policy. Many of his goals were the same as previous U.S. government energy policies: cut foreign oil dependence, promote energy conservation, and explore alternative fuels.
However, it was the president's comments regarding natural gas that had the biggest impact on energy markets.
The natural gas contract for May delivery gained 9 cents, more than 2%, to $4.356 per 1,000 cubic feet on the New York Mercantile Exchange following Obama's speech Wednesday.
However, it was the president's comments regarding natural gas that had the biggest impact on energy markets.
The natural gas contract for May delivery gained 9 cents, more than 2%, to $4.356 per 1,000 cubic feet on the New York Mercantile Exchange following Obama's speech Wednesday.
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