According to a new report by the International Energy Association, the United States will become the world’s top producer of oil within the next five years and will become a net oil exporter by 2030. This will have far-reaching effects for the environment and the role of the United States in the international community.
If the report is correct, the U.S. economy should be in a better place as a result of more oil and natural gas exports. In 2011, oil imports accounted for about 2.7 percent of the nation’s gross domestic product. If the United States becomes a net exporter, economic growth will accelerate. Moreover, the report estimates electricity costs will be halved if energy development continues on its current path, putting more money in consumers’ pockets and lowering overhead expenses for businesses.
While this news is good for our economy, we must bear in mind where these new sources of energy are coming from. The United States relies heavily on controversial methods such as hydraulic fracturing and horizontal drilling to extract natural gas. These techniques have been proven to have devastating effects on the environment and public health.
Once the United States is oil-efficient, our motivation to turn to other, more sustainable sources of energy will diminish. The nation will grow increasingly self-reliant, not merely as a result of growing oil production but also based on expectations that we will improve energy efficiency. This dedication to continued development of fuel-efficient vehicles and environmentally friendly policies runs a risk of being forgotten, though, when oil production is booming and our reliance upon its output
grows as well.
We can expect positive effects in the short-term as we become less dependent on foreign countries for oil. However, the long-term consequences of any expansion of oil drilling and use may not be worth the potentially disastrous ramifications for the environment.
A version of this article appeared in the Tuesday, Nov. 13 print edition. Email the WSN Editorial Board at [email protected].
