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.
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.
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