America is poised to lead the market in 2020.
A report from the International Energy Agency predicts the United States will become the lead exporter of the world’s oil in 2020 thanks to its stability, massive reserves, relatively lax laws and its advances in fracking technology. IEA Executive Director Maria van der Hoeven said, “We are continuing to see unprecedented production growth from North America, and the United States in particular. By the end of the decade, North America will have the capacity to become a net exporter of oil liquids. At the same time, while OPEC remains a vital supplier to the market, it faces significant headwinds in expanding capacity.” Nations like Iraq will struggle with the output of oil because of violence in the region. The report went on to say other countries are adopting fracking. Obama didn’t promote fracking, and instead looked to Europe for his green energy policies. He can’t take credit for this example of American exceptionalism. More…
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