According to the most recent World Energy Outlook, the US could become almost self-sufficient in energy by the end of 2035. The report further stressed that the US would go past Russia as the leading gas producer by the year 2015. Alongside these positive analyses, there’s also a warning from the experts. They have alarmed that US oil boom is still in its early phase and a continued growth is not guaranteed.
The report suggested that resurgence in the US gas and oil production was spurring economic activity.
An increase in US domestic production can be attributed to new fuel-efficiency measures in transport put by the 2008 Obama administration. In spite of America’s short term progress, the largest oil producer of the world, Saudi Arabia, will still hold its grasp over the oil market in the long run.
