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Old 11-12-2012, 09:10 AM
 
Location: The 12th State
22,974 posts, read 58,722,864 times
Reputation: 14938

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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, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms -- a dramatic reversal of the trend seen in most other energy importing countries.

read more here U.S. to become biggest oil producer and energy independent - Nov. 12, 2012
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Old 11-12-2012, 09:35 AM
 
Location: North Idaho
22,841 posts, read 29,001,847 times
Reputation: 44278
It's about time.
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Old 11-12-2012, 09:42 AM
 
Location: The 12th State
22,974 posts, read 58,722,864 times
Reputation: 14938
America has something to be proud about, and it great for us to be a leader in something again.
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Old 11-12-2012, 06:48 PM
 
Location: SoCal
1,243 posts, read 1,577,340 times
Reputation: 848
Quote:
Originally Posted by SunnyKayak View Post
America has something to be proud about, and it great for us to be a leader in something again.
We are a leader in keeping the peace
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Old 11-12-2012, 06:51 PM
 
Location: New York metropolitan area
1,317 posts, read 1,289,685 times
Reputation: 325
Hopefully they convert to the metric system as well
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Old 11-12-2012, 09:34 PM
 
Location: NY
778 posts, read 830,656 times
Reputation: 417
Industries should be allowed to change. In this case, our oil dependency needs to decrease considerably. Just because its a legacy industry or has seniority doesnt mean you should arrest any progress in future innovation. Our consumption is still outpacing production.
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Old 11-12-2012, 11:48 PM
 
Location: BMORE!
7,777 posts, read 6,199,480 times
Reputation: 3608
Will gas prices go down?
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Old 11-13-2012, 02:42 AM
 
Location: Michigan
4,571 posts, read 7,059,814 times
Reputation: 3600
Quote:
Originally Posted by KodeBlue View Post
Will gas prices go down?
Nope. They'll be stable for a time, at least. Oil prices are based on oil being a global commodity and therefore prices are set by global demand. Even though the US will make more oil, that just means other countries might buy a higher amount of it from the US rather than from other sources.

The real benefit from being oil independent comes from the improved economies of the areas where the US is drilling (creates jobs and landowners get a lot of money). And of course the oil companies save more money by using domestic oil instead of importing it. But to the average US citizen, gas will just stay between $3 and $4 for a while. It could go lower, but probably not for longer than a single season.
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