U.S. to Become Top Oil Producer by 2020

From CRI

The global energy map is changing fast, courtesy of new technologies that are expected to unlock massive potential from new energy sources, such as shale gas and light tight oil. The United States is known to be blessed with huge reserves of both. With readily available technology to exploit them, it is expected to drastically raise its oil and natural gas production volume within the next two decades.

According to the World Energy Outlook 2012, a report by the International Energy Agency based in Paris, the U.S. is expected to overtake Saudi Arabia and Russia as the world’s largest oil producer within 10 years. If this is indeed the case, it will not only have a significant bearing on the global energy production and distribution system, but also on the global political scene as well. The report also touches upon the prospects of other sources of energy, such coal and nuclear power. It also highlighted the urgency of boosting energy efficiency to avert climate change.

So, how will the fact that U.S. is to become the world’s top oil producer by 2020 affect the global energy market? And how can we tackle barriers to energy efficiency?

Ni hao, you’re listening to  People In the Know, bringing you insights into the headline news in China and around the world, I’m Zheng Chenguang in Beijing.

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