The U.S oil and gas production has been high and continues to dominate the market through high production. It may soon become a net exporter from next year.
With crude output growing, the country will soon become energy independent, says the U.S. Energy Information Administration. By-products from its natural gas and petroleum will soon make the country a leading energy exporter, say reports from EIA.
By the end of 2020, U.S. will begin to export more crude oil, much more than it imports. Gradually it will become a great oil exporter.
About 10.9 million barrels per day was pumped last year alone.
The report, however, further adds that by 50 years, imports of petroleum products will once again be greater than demand, with the growing need for gasoline as fuel.
This sudden spurt in the supply of oil and gas is from the shale fields in the U.S. where they are available from rock formations and are drilled free of cost. This revolution through oil from shale has been going on for almost a decade. With new technology, U.S. production has been on the increase, bringing in supremacy in the energy sector.
The U.S. has been exporting more than its imports in natural gas from2017. By providing them at lower prices, more of this fuel is demanded and shipments of natural gas continue to grow. They are exported in the liquefied form to make it easier for sea transport.
After 1953, this is the first time that the country will be exporting more than its imports. This forecast has come true earlier by two years, as the projection was made by the Energy Department to be achieved by 2020.
The EIA report says that the U.S. was exporting more than its imports for about a week in November. This is just the beginning of what is to come says the report.