The International Energy Agency projects that the United States will soon surpass Saudi Arabia as the world's largest oil producer, but only for a few years. Further, natural gas will soon become the largest piece of our energy portfolio.
Read about it here at Bloomberg
What factors are driving these changes?
What are the implications for internalizing negative externalities associated with fossil fuel production and consumption?
What are the implications for economic growth?
Here is a related story at the NYT about the expiration of the production tax credit for wind power.
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I do not think that US will tap as hard into our oil reserves as suggested in this article. Saudi oil is cheap and will remain cheap and the main oil producer in the world.
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