Oil Production Could Make US Energy Independent by 2035

Comstock/Thinkstock(NEW YORK) -- The news is all good from the International Energy Agency about the United States' energy future.

The agency predicted on Monday that the U.S. will become the top producer of oil globally within five years.

Furthermore, America is on a path to become a leading oil exporter in less than 20 years and should be able to end its dependence on most foreign fuel sources by 2035.

While all this may seem too good to be true since the country now imports about 20 percent of oil and natural gas to fulfill its energy needs, the IAE credits a variety of reasons for America's sudden surge as an energy powerhouse.  Among them: dramatic gains in oil, shale gas and bio-energy production due to hydraulic fracturing, more commonly known as fracking.

Meanwhile, vehicle fuel efficiency is improving steadily and significant inroads have been made in the clean energy industry.

Copyright 2012 ABC News Radio

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