Over the past decade, America has experienced a technological revolution–not, as expected, in renewable energy but rather in the extraction of oil and gas. As a result, domestic supplies of new sources of energy–shale gas, oil from shale, tight sands and the deepwater, natural-gas liquids–are booming. The impact is larger than anyone expected.
In 2011, for the first time since 1949, the U.S. became a net exporter of refined petroleum products. Several studies this year have projected that by the end of this decade, the U.S. will surpass both Russia and Saudi Arabia and become the world's largest producer of oil and liquid natural gas.