A new report from the International Energy Agency makes a startling prediction: by the end of the decade, the United States will be extracting more oil and natural gas than any other country.
The study claims the U.S. will be “all but self-sufficient” on the energy front, and credits shale drilling for the coming boom. More from the New York Times:
There are several components of the sudden shift in the world’s energy supply, but the prime mover is a resurgence of oil and gas production in the United States, particularly the unlocking of new reserves of oil and gas found in shale rock. The widespread adoption of techniques such as hydraulic fracturing and horizontal drilling has made those reserves much more accessible, and in the case of natural gas, resulted in a vast glut that has sent prices plunging.
The report predicted that the United States would overtake Russia as the leading producer of natural gas in 2015.
The strong statements and specific predictions by the energy agency lend new weight to trends that have become increasingly apparent in the last year.