Previously a member of the board of directors of ENPORION, Fritz Gautschi has over 35 years’ experience in management and international business operations. A longtime energy executive who has directed power generation facilities in Sweden,Spain,Brazil, Switzerland and USA Fritz Gautschi closely monitors the US energy market and is the author of A Post Fukushima World: America’s New Energy Landscape, a book on the US energy situation.
Over a decade ago, the goal of energy independence seemed impossible. Today, however, the United States is fast on its way to becoming energy independent, which means its vast energy needs will be met by local production rather than by imports.
Ever since the shale oil boom, local producers have been ramping up production and driving down the country’s surplus demand for oil. According to the US Energy Information Administration, in 2005, the United States met 65 percent of its oil demand through imports. In 2010, the figure was down to 55 percent, and by 2015, the figure had almost halved to 28 percent. Today, domestic oil production is at its highest level in 43 years. Analysts predict that by 2020, the United States will only need to import 11 percent of its oil demand. Such a small need can easily be sourced from Mexico and Canada.
Energy independence will mean increased economic activity for the United States and a vastly improved trade balance. It will also give the country flexibility in terms of foreign policy, should it no longer need to import oil from countries which are difficult to deal with.
Over a decade ago, the goal of energy independence seemed impossible. Today, however, the United States is fast on its way to becoming energy independent, which means its vast energy needs will be met by local production rather than by imports.
Ever since the shale oil boom, local producers have been ramping up production and driving down the country’s surplus demand for oil. According to the US Energy Information Administration, in 2005, the United States met 65 percent of its oil demand through imports. In 2010, the figure was down to 55 percent, and by 2015, the figure had almost halved to 28 percent. Today, domestic oil production is at its highest level in 43 years. Analysts predict that by 2020, the United States will only need to import 11 percent of its oil demand. Such a small need can easily be sourced from Mexico and Canada.
Energy independence will mean increased economic activity for the United States and a vastly improved trade balance. It will also give the country flexibility in terms of foreign policy, should it no longer need to import oil from countries which are difficult to deal with.