CITI: The US Energy Industry Is Going To Grow So Fast, It Will Spark A New 'Industrial Revolution'

CITI: The US Energy Industry Is Going To Grow So Fast, It Will Spark A New 'Industrial Revolution'

from Clusterstock by Simone Foxman

Oil and gas production in the United States and North America is going to skyrocket in the next 8 years due to strides in natural resource extraction, write Citi analysts in a report published yesterday. In fact, they went so far as to call North America "the new Middle East," at least in terms of oil production.
This—as well as a trend towards declining U.S. energy consumption—will completely transform both the domestic economy and the threats the U.S. will face in the future,
Indeed, Citi economists expect total liquids production to as much as double for the continent in the next decade, and predict that the U.S. could overtake both Russia and Saudi Arabia in oil production by 2020:

That's because there is incredible potential to extract and refine energy products on domestic soil: