Reuters - Video

EDITION: U.S. | U.K. | IN

Business

U.S. will be top energy power: IEA

Monday, Nov 12, 2012 - 02:40

Nov. 12 - A major power shift will put the U.S. at the top of the energy production pyramid- ahead of Saudi Arabia and Russia, according to the IEA. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

PLEASE NOTE: THIS EDIT CONTAINS 4:3 MATERIAL The U.S. could be energy independent and North America a net exporter of energy according to a new long term forecast from the International Energy Agency. The U.S. will overtake Russia as the biggest gas producer according to the IEA by 2015. 2017: The U.S. will become the world's largest oil producer. 2030: North America will export oil. And by 2035 the United States of America will be almost energy self-sufficient. That's in large part because of the shale oil boom. Societe Generale's Mike Wittner: SOUNDBITE: MIKE WITTNER, GLOBAL HEAD OF OIL RESEARCH, SOCIETE GENERALE (ENGLISH) SAYING: "The technology has made it a lot more cost efficient but what's really happened just in the last couple of years is that it- shale oil or tight oil from shale as the IEA says, has really moved from, you know, a relatively small piece of production and something that was a bit of a question mark and a bit of a wild card and in the last 2 years its really moved very fast and very dramatically to a rapidly growing piece of U.S. production." But there are some very real environmental concerns: SOUNDBITE: MIKE WITTNER, GLOBAL HEAD OF OIL RESEARCH, SOCIETE GENERALE (ENGLISH) SAYING: "There is some you know some valid concerns and issues have been raised about making sure that these wells that use fracking and the shale formations they need to be completed. They need to be constructed properly to safeguard drinking water and there is also the issue of what happens to the waste water that is generated." Assuming growth continues, the economic implications could be powerful, making U.S. businesses more competitive- and freeing up money for consumers. Michael Gayed, Chief Investment Strategist at Pension Partners: SOUNDBITE: MICHAEL GAYED, CHIEF INVESTMENT STRATEGIST, PENSION PARTNERS (ENGLISH) SAYING: "Rising oil prices are very much like a tax increase, falling oil prices are very much like a tax decrease if we are producing more that is somewhat of a net effect of a tax decrease on the consumer." And there are major economic geopolitical implications of energy independence as well. SOUNDBITE: MIKE WITTNER, GLOBAL HEAD OF OIL RESEARCH, SOCIETE GENERALE (ENGLISH) SAYING: "It's actually going to make it possible for the U.S. to pay less attention and actually foot less of the bill for protecting Middle Eastern oil supply and basically, in effect, say to China and other countries hey you guys are the big consumers now you guys have to step up and do your part." The IEA expects almost 90 percent of oil from the Middle East will be drawn to Asia by 2035.

U.S. will be top energy power: IEA

Monday, Nov 12, 2012 - 02:40

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)