There is an ongoing power shift in the world energy market. The International Energy Agency (IEA) in its annual publication, World Energy Outlook, predicts that the U.S. will dominate the global oil and gas markets for many years to come as a result of the shale boom, which is the biggest supply surge in history.
By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said…. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.
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