At the current rate of energy resource production, the United States is set to surpass Saudi Arabia and become the top oil producer in the world as early as the year 2020. The U.S. also has huge natural gas reserves that are larger than Russia’s reserves.
Energy booms are also happening in Canada and Mexico. North America will soon be a major energy market player in the world. As regulations and restrictions to oil and gas exportation are lifted, the U.S. will be able to provide places, such as Europe, with much needed energy resources and relief.
The U.S. oil/gas trade balance:
- Deficit of $354Bn in 2011
- Breakeven by 2018
- Surplus of over $80Bn in 2020
Rising oil and gas production and exportation in North America will greatly reduce any and all imports and completely change the entire geopolitical energy and power structure in the world.