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It's official. According to the International Energy Agency (IEA), the United States could be the world's largest oil-producing country in the next seven years.

Based on the report, the United States could surpass all other countries in oil production by 2020. And 10 years later, the country could be energy-independent.

Talk about your 180-degree turnarounds.

For the past several decades, the United States has depended heavily on imports to feed its 19-million-barrel-per-day oil habit. In fact, about one out of every five barrels the United States consumes each day comes from a foreign country.

 

But if this forecast is accurate, then the United States production could eventually outpace domestic consumption. So instead of bringing in oil, we could be shipping it out.

Is this plausible? You bet it is.

In fact, the whole scenario sounds eerily similar to what has happened in the natural gas market. A decade ago, every credible analyst was convinced that the United States was running out of gas, and energy companies spent billions to construct import terminals.  (more)

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