IEA Report: America Will Dominate Global Oil Markets

Oil-Boom-2005-AP
AP/Gregory Bull/Will Kincaid

One year into President Donald Trump’s policy of “American energy dominance,” the International Energy Agency said Monday that the United States will dominate the global oil markets for the foreseeable future thanks to the shale oil boom.

IEA Executive Director Fatih Birol said in a report released on Monday, “The U.S. is set to put its stamp on global oil markets for the next five years.”

The rising demand for oil has “unleashed a new wave of growth from the U.S.,” according to the IEA.

The IEA argued in its report that American production will cover more than half of the world’s oil demand growth to 2023.

During his presidential campaign, then candidate-Donald Trump called for a policy of “American energy dominance,” which called for repealing onerous energy regulations and opening up federal lands to oil exploration.

President Trump signed the Tax Cuts and Jobs Act in December, which opened up sections of the Arctic National Wildlife Refuge (ANWR) to oil and natural exploration and drilling.

Energy Secretary Rick Perry charged at the Conservative Political Action Conference (CPAC) in February, “America became energy independent. Today American is the number one oil producing oil country in the world.”

“We just don’t export LNG; we export freedom,” Perry added.

Secretary of the Interior Ryan Zinke also argued at CPAC that his agency is “just getting started” in creating a regulatory framework that will grant access to America’s abundant energy sources.

“We are producing today about 10.3 million barrels a day in this country, and for the first time in 60 years, we’re a net exporter of liquid natural gas,” Zinke said.

“[Trump] said, ‘Energy dominance,’ and that’s what we’re delivering to America and the world.”

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