Oil, Gas Output In U.S. On The Rise

By 2020, the U.S. is projected to be the world’s largest oil producer, and by 2030, it will become a net oil exporter, according to a new study by the International Energy Agency. The profound change is driven in large part by unconventional oil-field production technologies used in shale and tight sand deposits, the report says, coupled with more efficient use of oil. The report also says output will surge for natural gas production, with the nation becoming a net exporter of natural gas by 2020. In its annual World Energy Outlook, IEA forecasts that fossil fuels will remain dominant in the global energy mix, supported by significant worldwide subsidies of $523 billion, which is six times greater than global subsidies for renewable energy. Global coal use will continue to grow by about 21% by 2035, mostly because of demand in China and India. However, by that time, renewable energy will nearly equal coal as the primary source of electricity, the report says.