Professionals moving to the US will be comforted to hear that America is set to become the biggest oil producer in the world over the next five years, the International Energy Agency (IEA) has revealed.
By 2017, the world’s largest economic power will have overtaken both Saudi Arabia and Russia, which could result in the country becoming self-sustainable in this natural resource.
In its annual report on energy, the IEA noted that as a result of the drilling boom in North America, which is unlocking extensive reserves of oil and gas, the US has manoeuvred itself into a strong position.
“Energy developments in the United States are profound and their effect will be felt well beyond North America – and the energy sector,” the study noted.
“The recent rebound in US oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity – with less expensive gas and electricity prices giving industry a competitive edge.”
This will give the US a significant amount of influence over the long-term, as it starts to reduce the amount of oil it imports. By 2030, the IEA noted, America will be a net exporter of the non-renewable energy, which will be in greater demand.
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