New Nation to Become No. 1 Oil Producer
Sorry OPEC. There's a new heavy hitter in the oil markets and it's not about to be pushed around by you.
According to a new report from the IEA, the United States will overtake Saudi Arabia as the world's top oil producer by 2017.
You read that right – the United States.
The same report also said the United States would overtake Russia as the biggest gas producer by a significant margin by 2015.
And by 2035, our reliance on Middle Eastern oil will be virtually non-existent as America will have become self-sufficient in all our energy needs.
Sounds like Uncle Sam is about to play a very influential role in world energy markets, largely due to a new ability to tap unconventional sources.
In other words, the US is benefiting from big advances in technology which allow oil and gas to be developed in areas that were impossible to develop just a few short years ago.
The International Energy Agency (IEA), which advises major industrialized nations on energy policies, gave the estimates in an annual long-term report.
"Energy developments in the United States are profound and their effect will be felt well beyond North America—and the energy sector," the IEA said.
In a live interview on CNBC's The Kudlow Report, John Hofmeister, Citizens for Affordable Energy Founder & CEO, told Larry Kudlow that the IEA may not be taking something very important into account.
Hofmeister explains in the video.
"The Kudlow Report" airs weeknights at 7 p.m. ET.