According to a forecast published yesterday by the Energy Department’s statistics division, the United States – long beholden to foreign oil – is poised to become a net energy exporter starting next year.
Thanks to the shale oil and natural gas boom, the U.S. will export more energy than it imports in 2020 for the first time since 1953, two years earlier than what was previously expected. In addition, this won’t be a one-off occurrence.
The EIA report added that the United States is likely to be a net energy exporter through at least 2050.
WTI gained $1.19 yesterday to close at $53.82 per barrel.
Natural gas jumped $0.05 to close the day at $3.04 per mmbtu.