U.S. to be top oil producer by 2017

oildrilling.jpgWhoa! Turns out that oil and gas production, some of it coming from California reserves, has been on a tear. The use of techniques like hydraulic fracturing and horizontal drilling has made reserves much more accessible, according to a report by the International Energy Agency. In fact, the U.S. will become a net oil exporter by 2030, a stunning turnabout from the days of energy dependence. By the way, California is the nation's third-largest producing state. From the NYT:

"The foundations of the global energy systems are shifting," said Fatih Birol, chief economist at the Paris-based organization, which produces the annual World Energy Outlook, in an interview before the release. The agency, which advises industrialized nations on energy issues, had previously predicted that Saudi Arabia would be the leading producer until 2035. The consequences are "potentially far reaching" for global energy markets and trade, the report said. Mr. Birol noted, for example, that Middle Eastern oil once bound for the United States would probably be rerouted to China. American-mined coal, facing declining demand in its home market, is already heading to Europe and China instead.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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