Many experts are now joining the chorus of those who predict North America could become energy independent within ten years.
This became evident at recent Congressional hearings.
Notable examples of what was told Congress include,
- The United States has already passed Russia as the number two oil producer in the World. Only Saudi Arabia produces more oil than the United States.
- Crude oil imports have been reduced from 60% of consumption to 45% because of fracking.
- U.S. natural gas reserves have grown from a seven-year supply to a supply that can last for over 100 years, again because of fracking.
- Citigroup has suggested that between 2 million and 3.5 million new jobs can be created because of the huge reserves of low-cost natural gas that have been brought about because of fracking.
- Becoming energy independent can cut the current account deficit by two-thirds. This will have huge economic benefits for…
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