Gaining Independence: U.S. to Become Energy Exporter Soon

Southern states alreadly booming in production

In just five years, the U.S. could become an exporter of energy, instead of one of the biggest importers, according to Citigroup research. The nation is on its way to energy independence and may soon no longer need to buy oil from any source but Canada. The shift could sharply reduce the price of oil, and therefore limit the revenues of producing nations like Russia and West Africa. The U.S. and Canada are increasing output, and oil production is booming in places like Texas and North Dakota, which had the lowest unemployment in the country at just 3 percent last September. Citigroup also claims that dozens of industrial projects across America that have already begun or are planned are fueled by cheaper power. (NBC News)

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