US to become world’s largest petroleum producer by 2017

No we’re not kidding. The International Energy Agency (IEA) in a report issued today says the United States will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by 2017. Not only that but it can be in a position to become an exporter of petroleum by 2030.

All thanks to the technology and innovation in energy extraction led by North American companies which has spurred the discovery and extraction of oil and gas from shale formations.

In its world energy outlook released by the IEA today, it states “the US, which currently imports around 20 per cent of its total energy needs, becomes all but self-sufficient in net terms – a dramatic reversal of the trend seen in most other energy-importing countries.”

Read the press release from the IEA for more details.