The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.
Domestic oil output is the highest in eight years.
Higher mileage standards and federally mandated ethanol use, along with slow economic growth, have curbed demand, and states like Texas are producing more energy than ever from new on-shore and off-shore advancements in gas, oil and wind energy.
The transformation, could see the country become the world’s top energy producer by 2020, and has implications for the economy and national security.
Boosting household incomes, jobs and government revenue; cutting the trade deficit; enhancing manufacturers’ competitiveness; and allowing greater flexibility in dealing with the Middle East.
The local Texas coast economies should see a big impact from the energy boom and from the expansion of the Panama Canal to help move it.