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CommunitarianKevin

US Oil Production

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http://finance.yahoo.com/blogs/daily-ticker/u-pass-saudi-arabia-energy-production-iea-says-170907660.html

A new report by the International Energy Association says the U.S. will become the world's largest oil producer by 2017, overtaking current leaders Saudi Arabia and Russia. U.S. energy policies initiated by the George W. Bush administration and implemented by President Barack Obama have moved the U.S. toward energy independence and away from Middle East energy sources. U.S. oil production has risen rapidly since 2008 and oil imports are at their lowest level in two decades.

"North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world, yet the potential also exists for a similarly transformative shift in global energy efficiency," says IEA Executive Director Marian von der Hoeven in a statement.

The IEA also says the U.S. could become self-sufficient in energy by 2035 and a net exporter of natural gas by 2020. The Obama administration's push to develop and grow domestic natural gas capabilities has led to a natural gas drilling boom. Production has jumped 15% in four years but the glut in natural gas supplies have also caused the price of natural gas to plummet. According to the White House, the U.S. holds a 100-year supply of natural gas and domestic production is at an all-time high. The Daily Ticker's Aaron Task and Henry Blodget both agree that the explosion in domestic energy production could alter the geopolitical landscape and U.S. labor market.

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I can't wait for the headline "US leads the world in clean renewable energy" @#%$%&g goverment backed oil companies.

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If the USA is poised to become the world's largest oil producer by 2017, then why don't we immediately recall our troops from the Middle East, close all our bases situated in the area and declare peace with the Muslims.

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If the USA is poised to become the world's largest oil producer by 2017, then why don't we immediately recall our troops from the Middle East, close all our bases situated in the area and declare peace with the Muslims.

Because that's where the oil is coming from...

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Because that's where the oil is coming from...

LOL ... So true!

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I see, take the oil from other countries while keeping the natural sources available to their own country at hand. Finally becoming the largest producer and potentially reclaiming top dog. It all makes sense now.

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