The United States is poised to become the world's largest oil producer before 2020 and eventually become energy self-sufficient, according to a recent report.
Several media outlets have reported that the International Energy Agency, which is based in Paris, says several factors are reshaping the nation's energy market.
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The recent resurgence in oil and gas production and efforts to make the transport sector more efficient are cited, the IEA report says.
A CNN.com report says that North America would become a net exporter of oil around 2030, the IEA said.
According to wikipedia.com, Russia (10.5 million barrels a day) holds a narrow lead on Saudi Arabia (10.2 million barrels a day) as the worl'd top oil producing country. The U.S. is third, at 9.6 million barrels a day.
The U.S. is experiencing an oil boom, due in part to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable, CNN.com reported.
From 2008 to 2011, U.S. crude oil production jumped 14 percent, according to the U.S. Energy Information Administration.