Citigroup report predicts reshaping of the global energy market in 5 years
A new Citigroup report suggests that the U.S. is in the midst of a domestic energy revolution and on the fast track to becoming energy independent. Citigroup estimates that in five years, the U.S. may no longer need to buy oil from overseas.
"Our projection of U.S. supply growth and the U.S. demand collapse is to levels where the U.S. will not need to import oil from any other country except Canada," said Edward Morse, Citigroup.
While this is a victory for North America, the surge in production is worrisome for OPEC. Some say this shift will limit the revenues of producing nations and reshape the global energy markets.