U.S. to become biggest oil producer in near future

U.S. to become biggest oil producer in near future

The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The United States currently imports around 20% of its total energy needs.  The U.S. is currently experiencing an oil boom, from 2008 to 2011 the U.S. crude oil production jumped 14% according to the U.S. Energy Information Administration.  Natural gas is up by about 10% over the same period.

When you talk about oil, fuel economy standards almost always go hand in hand.  New fuel economy standards in the U.S. and efforts by China, Japan and the European Union are helping to reduce demand on energy all while making up for a disappointing decade for global energy efficiency.