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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.

"The foreign policy implications are maybe even bigger than the economic ones," says Task.
"For 50 years or more we have been just addicted and coupled to a region of the world where so many people hate us," Blodget adds.
Oil and petroleum imports have fallen an average of more than 1.5 million barrels per day and domestic crude oil production has increased by an average of more than 720,000 barrels per day since 2008. As domestic drilling has expanded so has the number of oil and gas production jobs. According to the Federal Reserve Bank of St. Louis, job growth in these industries has risen 25% since January 2010.

Related: The Fracking Revolution: More Jobs and Cheaper Energy Are Worth the "Manageable" Risks, Yergin Says
President Obama says natural gas production could support 600,000 jobs by the end of the decade. Most of these positions are highly desirable from a financial standpoint. Drilling and support jobs pay about $34.50 an hour, 50% more than the national average according to The New York Times.
Cheap natural gas and the administration's eagerness to expand U.S. energy production has shifted resources away from green energy technologies like solar and wind.
Related: Robert F. Kennedy Jr.: Renewable Energy Is Key to U.S. Growth
The method of extracting natural gas from shale rock formations has come under intense scrutiny. Many local cities and communities have already banned the practice. Hydraulic fracturing, more commonly referred to as hydrofracking or fracking, involves injecting large amounts of sand, water and chemicals into the ground at high pressures. Critics of fracking say this process produces millions of gallons of wastewater that contain highly corrosive salts and carcinogens. These radioactive elements could pollute water sources such as rivers and underground aquifers and pose serious dangers to the environment and individuals.

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

Make our oil dry na him be my prayer no be say another country dey produce

After they have drilled and saved other countries oil in their reserve ...well good one for them

i find this very hard to believe personally.

which means by 2017,nigeria economy is gonna go down entirely...

Middle East una friendship and alliance might be threatened by this. 2nd to comment

Samabu07: Middle East una friendship and alliance might be threatened by this. 2nd to comment

,i go beet u for the next comment

Why won't they? After stealing enough oil from the Gulf stream to their reserves, well only a sharp brain can do that sha.

Good for them.

Those guys are badass future planners...

Hmm

Bacteriocin: Make our oil dry na him be my prayer no be say another country dey produce

I think America is our biggest market, once they become the biggest producer, then how can we sell our curse to them?

Nigeria and the Arab nations would be screwed,and when the isrealis
start harnessing their own shale reserves,then most of our foreign markets
would be gone.
But wait oo, is this one of the reasons our big oil multinationals have been selling
oil fields of late.

Revolva: After they have drilled and saved other countries oil in their reserve ...well good one for them

That's what they do, buy and store, then preach green energy, once they have achieved their aim, they push green energy to the background while firing crude oil all the way!

I hope the Nigerian oil-money-gullible ruling class can get to hear this news. The sad truth from this story is though the Nigerian oil wells may not run dry anytime soon, the mono-economy of over-dependence on oil wealth and revenues will boomerang as this will surely be put paid to.

Good for them, they always know how to plan ahead

I told all the foolish Obama supporters on here that he was not different from Bush. Those Nigerian eediots retweeting four more years are applauding their enemy. They don't know what's coming. Smh!

They should just prepare ground for our Niger importers and exporters

dilbert100: i find this very hard to believe personally.

o boy dey dia dey look.america don scam all man.imagne dm controling 45percent market share.men na die

Bacteriocin: Make our oil dry na him be my prayer no be say another country dey produce

unfortunately, our reserves are growing by the day.

Well can't say I'm surprised; Obama made it crystal clear when he took office in 2008 that he would do whatever it takes to wean America off foreign oil. Shell has been selling off assets world wide and moving into other fields of renewable energy. The Arabs have also been doing the same e.g Qatar's investments in companies like Porsche and Volkswagen. Alas for my dear Nigeria; no plan B for oil, no back up plan, no contingency plan, no nothing, its consumption with ten fingers and ten toes. SMH

Porsche Cayennes and Panameras used by the Qatari Police Force.

thelastPope: I told all the foolish Obama supporters on here that he was not different from Bush. Those Nigerian eediots retweeting four more years are applauding their enemy. They don't know what's coming. Smh!

Leave them bro, they say the fly that doesn't heed warnings follows the corpse into the grave. Like I wrote somewhere yesterday, if Obama has to take a dump on Africa for America to grow, he will do so without a moment's hesitation.

Now is time for nigeria to build like 10 or 20 refineery,to avoid chao in 2017.refine the crude localy and sell local and export the white product,like russia

Thank fvuk for that, atleast the great United states Of Hypocrisy can now relax and stop invading the world, enough of causing wars in the name of oil. atleast now they can stop spreading their myth of freedom and democracy.

Shuo! How come na? I think say dem nor get oil b4

ajadek: Now is time for nigeria to build like 10 or 20 refineery,to avoid chao in 2017.refine the crude localy and sell local and export the white product,like russia

What "white" product?

thelastPope: I told all the foolish Obama supporters on here that he was not different from Bush. Those Nigerian eediots retweeting four more years are applauding their enemy. They don't know what's coming. Smh!

and romney is? i didnt bother to follow the america elections this year becos i wasnt impress with obama but romney isnt any better. they are all d same. so calling obama supporters fo0lish doesnt make u wise. i bet u cant even tell me what romney's manifestoes or plans are...

thelastPope: I told all the foolish Obama supporters on here that he was not different from Bush. Those Nigerian eediots retweeting four more years are applauding their enemy. They don't know what's coming. Smh!

That Obama is doing what's in the best interest of America, that makes him evil, right? If Nigerian leaders weren't so greedy, wouldn't Nigeria be the true leader in Africa? Please, accept defeat, your man Romney LOST, BIG TIME

thelastPope: I told all the foolish Obama supporters on here that he was not different from Bush. Those Nigerian eediots retweeting four more years are applauding their enemy. They don't know what's coming. Smh!

What has Obama's re-election got to do with this? Would Rommney's policies have been anything different?The way folks talk on NL is nauseating. You should be mad at our leaders because few years from now, our biggest buyer-US might stop buying, which would crash oil prices and Naija would be broke. A big warning to Naija thieving POLITRICKIANS!

honeric01:

I think America is our biggest market, once they become the biggest producer, then how can we sell our curse to them?

When we lose our biggest market, our oil loses its economic relevance. That's pretty much the same as our oil drying up, to be honest.
When this happens, there won't be any more cash for our corrupt politicians and leaders to loot. Nigeria's centre loses its economic grip and power, everything comes crumbling down, and disintegration starts to look attractive all of a sudden.

Ejiné:

When we lose our biggest market, our oil loses its economic relevance. That's pretty much the same as our oil drying up, to be honest.
When this happens, there won't be any more cash for our corrupt politicians and leaders to loot. Nigeria's centre loses its economic grip and power, everything comes crumbling down, and disintegration starts to look attractive all of a sudden.

The story in a nutshell. i believe you are praying for this just as i am praying for it. OIL has not added 1% to my well-being and i pray for its irrelevance.