America to Become the World’s Biggest Oil Producer by the Year 2020::

U.S is to become the world’s biggest oil producer “by around 2020″, an International Energy Agency (IEA) report has said. The IEA said the reason for this was the big growth and development in the US of extracting oil from shale rock. U.S. energy policies initiated by the George W. Bush administration and implemented by President Barack Obama have moved the U.S. toward energy independence and away from Middle East energy sources. U.S. oil production has risen rapidly since 2008 and oil imports are at their lowest level in two decades.

In a report released on Monday, the world’s foremost energy watchdog, the International Energy Agency (IEA), said the US would benefit from so-called unconventional sources of oil and gas, including shale gas and shale oil, derived from fracking – blasting dense rocks apart to release the fossil fuels trapped within.

These sources could fuel the US’s energy independence, and make the country the world’s biggest oil producer by 2017. But, if pursued with vigour, they would also lead to huge increases in greenhouse gas emissions that would put hopes of curbing dangerous climate change beyond reach.

By 2015, U.S. oil production is expected to rise to 10 million barrels per day and increase to 11.1 million barrels per day by 2020, overtaking second-place Russia and front-runner Saudi Arabia, according to the IEA’s World Energy Outlook. The U.S. will export more oil than it brings into the country in 2030, the report said.

“Just a few years ago, people were still talking about peak oil. Now we’re talking about the U.S. becoming the new Saudi Arabia,” said Phil Flynn, an analyst with the Price Futures Group. “They said we couldn’t drill our way out of this mess, but we are drilling our way out of this mess.”

Around 2030, however, Saudi Arabia is expected to be producing some 11.4 million barrels of oil per day, outpacing the 10.2 million from the U.S., the IEA report said. In 2035, U.S. production will slip to 9.2 million barrels per day, far behind the Middle Eastern nation’s 12.3 million daily barrels. And by 2035 Iraq will have exceeded Russia to become the world’s second-largest oil exporter.

At that point, inflation-adjusted oil prices will reach $125 a barrel. By then, however, the U.S. won’t be relying much on foreign energy, according to the IEA report.

Globally, the energy economy will undergo a “sea change,” the report said, with nearly 90% of Middle Eastern oil exports directed toward Asia by 2035.