The U.S. has reached a significant milestone in its journey toward energy self-sufficiency, producing more oil than it imported last month for the first time in nearly two decades. This achievement comes as the International Energy Agency this week released its annual World Energy Outlook, which predicts the United States will surpass Saudi Arabia to become the world’s top oil producer by 2015. The once unthinkable goal of ending American reliance on foreign energy is now becoming a reality, with IEA forecasting that the U.S. could become energy self-sufficient by 2035.
The U.S. shale boom has been a game changer for the world energy market and our domestic economy. Bloomberg reports, “Soaring shale output in the U.S. is helping the world’s largest oil consumer achieve its highest level of energy independence in two decades, cushioning it against disruptions in Africa and the Middle East." The Associated Press called this shift “a promising sign for a still-slugging economy" that could “foreshadow future opportunities to boost jobs in the U.S., lower the trade deficit and insulate the economy from foreign crises that can send oil prices rising." Consumers are also now enjoying the benefits of this increased domestic drilling. The Wall Street Journal noted, “U.S. gasoline prices have fallen to their lowest level in nearly 33 months amid a boom in domestic oil drilling, leaving consumers with some extra disposable income just in time for the holiday-shopping season."
House Energy and Commerce Committee Chairman Fred Upton (R-MI) welcomed this week’s encouraging news, stating, “American ingenuity and innovation have turned the goal of controlling our energy destiny from a dream into a reality. We now have the opportunity to take back control of our energy future and liberate ourselves from OPEC’s influence. Commonsense solutions like expanding production on federal lands and modernizing permit processes would further reduce U.S. imports from our adversaries and could help us achieve energy self-sufficiency even sooner than expected."
