U.S. Can End OPEC imports by 2020 says Houston Analyst - Houston weather, traffic, news | FOX 26 | MyFoxHouston

U.S. Can End OPEC imports by 2020 says Houston Analyst

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HOUSTON (FOX 26) -

Young people preparing for a career in the American military and oil patch pump jacks cranking at high pace.

What one has to do with other may not be clearly obvious, but in reality, they are deeply connected.

The reason goes something like this - when America is producing plenty of it's own oil, it's far less inclined to use the nation's military might protecting petroleum coming from somewhere else.

That is why the news energy analyst Marshall Adkins brings to the table is so compelling.

"If demand stays flat, it looks like it's very achievable to get to oil energy independence excluding Canada and the Middle East and everybody else by the end of this decade," said Adkins, head of energy research for Raymond James.

Simply put, oil production in the U.S. has grown with explosive force. During the last year American rigs delivered more than one million additional barrels per day, a boom that's expected to get substantially bigger.

18 months ago critics scoffed at Adkins projections, but not anymore.

 

"It's a massive structural change and does put us on the road to oil energy independence," said Adkins.

Chris Ross, a 40 year veteran of the oil patch and professor at the University of Houston's Bauer College of Business, says the new found petroleum supply gives America a degree of geo-political flexibility it hasn't enjoyed in decades.

"It does give us choices. It's no longer a question of doing things we don't want to do to appease regimes that we don't like because we need their oil," said Ross.

That "choice" vastly improves the chances of young people in the military remaining out of harms way and later enjoying an economy made more vibrant by an energy supply that's increasingly plentiful and homegrown.

"You look around the world at the one bright spot and largely because of cheap energy, it is the United States and we are at the forefront of that right here in Texas," said Adkins.

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