The United States is in the midst of an energy boom that at the end of the decade will make it the world's top oil producer, temporarily displacing Saudi Arabia, and a net exporter of natural gas, according to a new report.
By 2030, America will be nearly energy self-sufficient on net and North America as a whole will become a net oil exporter, says the report released Monday by the International Energy Agency (IEA), a Paris-based research and advocacy group for oil-importing developed nations.
Governments could step in and encourage that switch toward renewables. Some economists are pushing for a carbon tax in the US that would help make renewables more cost-competitive. The IEA forecasts that a concerted global effort on energy efficiency could cut the growth in global energy demand in half through 2035 and cause oil demand to peak before 2020 and then fall substantially.
Global output would rise a cumulative $18 trillion, with India, China, the US, and Europe reaping the biggest gains.
Read more: Energy boom will push US past Saudi Arabia, benefit economy - CSMonitor.com
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