“By 2020, the United States will overtake Saudi Arabia as the world’s largest oil producer, according to the International Energy Agency. The U.S. has already overtaken Russia as the world’s leading gas producer. Fuel has become America’s largest export item. Within five years, according to a study by Citigroup, North America could be energy independent. “OPEC will find it challenging to survive another 60 years, let alone another decade,” Edward Morse, Citigroup’s researcher, told CNBC. […]
Daniel Yergin, an energy guru, noted in Congressional testimony last month that the revolution in oil and gas extraction has led to 1.7 million new jobs in the United States alone, a number that could rise to three million by 2020. The shale revolution added $62 billion to federal revenues in 2012. At the same time, carbon-dioxide emissions are down 13 percent since 2007, as gas is used instead of coal to generate electricity.
Most of us have grown up in a world in which we assumed that energy was scarce, or even running out. We could now be entering a world of relatively cheap energy abundance.”
The Axis of Ennui | NYT