Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

US to Become Largest Oil Producer by 2020  Join our daily free Newsletter

MENAFN - Qatar News Agency - 13/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Qatar News Agency) The US will overtake Saudi Arabia as the world's biggest oil producer "by around 2020", an International Energy Agency (IEA) report has said.

The IEA said the reason for this was the big growth and development in the US of extracting oil from shale rock, according to the (BBC).

This has enabled the US to gain significantly more extractable oil resources. As a result, the IEA predicts the US will become "all but self-sufficient" in its energy needs by around 2035.

The US shale oil industry has grown significantly in recent years. It extracts oil from the ground using a method called fracking - pumping down a mixture of sand, water and chemicals at high pressure.

The industry says the method is safe, but critics say it could cause earthquakes and pollute water sources. Currently the US imports about 20% of its total energy needs.

The IEA also expects that the US will overtake Russia as the word's biggest gas producer by 2015, again thanks to fracking, which can also be used to extract natural gas.

It warns that the big growth in US oil and gas production could have significant geopolitical implications, as it may make the US less concerned about the Middle East.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help