With its soaring oil and gas production will push North America into becoming a net energy exporter by 2025, Exxon Mobil said in its annual energy outlook.
Highlights from market news:
- Improvements in drilling technology such as hydraulic fracturing have unlocked vast shale oil and gas reserves, leading to a surge in production and reduction in the United States’ dependence on foreign energy
- Natural gas, which emits up to 60 percent less carbon dioxide than coal when used for electricity generation, is expected to overtake coal by 2025 as the second most-used fuel
- The EIA said last Wednesday that U.S. natural gas production would grow faster than expected through the next two decades, paving the way for the country to be a net gas exporter as early as 2016