The U.S. is poised to be a net energy exporter by 2022, the Energy Information Administration (EIA) announced Tuesday in its Annual Energy Outlook report for 2018.
In five out of seven scenarios the agency ran, the United States become an energy exporter in the next four years. The EIA predicted the U.S. would continue to be a net importer if U.S. geology and technology became less favorable compared to the rest of the world, or if the world’s oil price sank and stayed low.
“For most people alive today, America has imported more energy than it produced, and only a few years ago, experts assured us that the situation was only going to get worse,” Texans for Natural Gas Spokesman Steve Everley told The Daily Caller News Foundation in a statement. “Now we are more energy secure than ever before, and it’s largely due to innovation from the oil and gas industry.”
The U.S. has imported more energy than its exported for nearly seven straight decades. Those amounts will flip, however, assuming the country continues to increase production and decrease demand as more investment and efficient technology is introduced into the sector, EIA Administrator Linda Capuano said while rolling out the report, according to The Washington Examiner.
President Donald Trump could use the EIA data to tout his “energy dominance” approach to the industry.
“The United States energy system continues to undergo an incredible transformation,” Capuano said, according to Politico. The forecast shows “a very different set of expectations than we imagined even five or 10 years ago.”
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