According to a new forecast from the U.S. Energy Department, the United States could hit energy independence in as little as four years.
According to the Energy Information Administration, if the price of oil spikes
above $100 from the current $55, that could spur more U.S. oil production and reduce demand for
imported oil. In
that case, "the United States becomes a net exporter of energy in 2019."
But oil prices are more likely to post a slow and modest rise, said the EIA, meaning the U.S. won't gain energy independence until 2028. But even that would be significant. Last year, the agency estimated that the U.S. could only achieve energy independence with a steep price spike.
U.S. oil production has soared in recent years, to the point where the U.S. has already passed Saudi Arabia as the world's largest oil producer by some measures. Fracking, a new technology, allows to access new supplies of oil and natural gas.
The surge in oil production helped decrease the price of
both oil and natural gas, with some oil companies cutting back on their drilling plans.
However, U.S. crude oil production should hit a record this year, even with low prices. The increase in U.S. oil output should keep the price of oil below
$80 through 2020, and below $100 a barrel through at least 2028,
according to the EIA.
The driver of energy independence is also provided by cars with better fuel economy as well as alternative energy sources such as solar and wind.
