The American shale revolution has put the U.S. on the path to becoming a net oil exporter within the next decade, the first time the country has been in that position since the 1950s. Even though the U.S. is already a net exporter of gas, the last time it exported more oil than it imported was in 1953. A ban on oil exports was lifted in 2015.
A new report from the International Energy Agency says that a remarkable ability to unlock new resources cost-effectively will push U.S. oil and gas output to a level 50 percent higher than any country has ever managed. That is expected to have a considerable impact on both North America and the world, with the expansion set to reorder international trade flows as well as fueling investment in energy-intensive industries such as petrochemicals.