Changing demand cycles and emerging new technologies are on track to throw the world's oil map out on its ear and make the United States the world's largest oil producer within the next decade, according to a report.
The International Energy Agency said in its annual World Energy Outlook on Monday that it expects the United States, which currently imports about 20 per cent of its energy needs, to become basically self-sufficient by around 2020 thanks to emerging shale oil technologies and renewable energy sources such as wind and solar.
The IEA is a Paris-based international agency that provides research on the energy industry in 28 developed Western economies.
In its report, the IEA says it expects global energy demand to grow by more than a third between now and 2035. But in Western democracies, demand is expected to remain fairly flat as efficiency gains mitigate the need to use significant amounts of new fossil fuels.
"There is a pronounced shift away from oil, coal [and, in some countries, nuclear] towards natural gas and renewables," the report said. Most of the growth in demand comes from developing economies, predominantly in Asia.
"North America becomes a net oil exporter around 2030," the IEA said.
The IEA's projections are based on a marked increase in the use hydraulic fracking, which may make them implausible, given opposition to the technology.
To see the new technology (hydraulic fracking) click the link below:
Yongichow at 13-11-2012 03:02 PM (12 years ago) (m)
Quote from: lanudja on 13-11-2012 02:21 PM
Ok, no wahala
Wahala dey o, if the U.S stops importing crude oil, Naija go hear am. Because U.S na d biggest buyer of Naija crude. Na real gbege go happen for our Economy.
Posted: at 13-11-2012 03:02 PM (12 years ago) | Upcoming
Wahala dey o, if the U.S stops importing crude oil, Naija go hear am. Because U.S na d biggest buyer of Naija crude. Na real gbege go happen for our Economy.
Mayb by then we go learn hw 2 diversify than put all our hope on only oil abi? lolzzz
Posted: at 13-11-2012 04:54 PM (12 years ago) | Hero
WELL, WE ARE WAITING! 
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