Sometimes the revolution politicians seek isn’t the one they get. Consider the irony—and the opportunity—in Monday’s report that the U.S. is likely to surpass Saudi Arabia as the world’s largest oil producer as early as 2020.
In its annual world energy outlook, the Paris-based International Energy Agency (IEA) says the global energy map “is being redrawn by the resurgence in oil and gas production in the United States.”
The U.S. will increase its production to about 23 million barrels a day in 10 years from about 18 million barrels a day now, the IEA predicts. That’s more optimistic than current U.S. government estimates and a change from a year ago when the IEA said Russia and the Saudis would vie for number one.