The U.S. is poised to dominate the world's oil industry for the next five years or more.
The International Energy Agency predicts American producers will supply most of the world's growing demand for oil until at least 2023.
“I'm buying the fact that we will at some point be the world's biggest oil producer, but that doesn't help us today when our supplies are falling at a dramatic pace,” says Phil Flynn, senior energy analyst at The PRICE Futures Group.
“If you look at the oil prices reaction they're like 'thaks a lot, that's good for 2040, but what about next week and the week after?'” he says. “Supplies in the U.S. are tightening very quickly and we need every drop of oil we can get.”
Meanwhile, the IEA says Canada, Brazil, and Norway will join the U.S. in meeting higher demand through the end of 2020.