US Energy Department Says by 2020 USA Will be a Net Energy Exporter

The boom in U.S. oil and natural gas production will make the U.S. a net energy exporter in 2020 — a feat the country has not achieved in nearly 70 years, the Department of Energy’s statistics bureau said on Thursday.


West Texas Intermediate graph

The U.S. will start exporting more energy products than it imports as U.S. crude output continues to grow and domestic oil consumption declines, the U.S. Energy Information Administration said in its latest Annual Energy Outlook. Shipments of liquefied natural gas will also boost the country’s role as a major gas exporter.

The report, which makes projections for the next 50 years, marks the latest revision to EIA’s expectations for net exporter status. Last year, EIA forecast the U.S.` would become a net exporter by 2022. In 2017, it said the nation would achieve the feat in 2026.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza