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America on the way to energy independence?

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  • Description

    A look at impact of new technologies

  • Duration 2:33
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Probably noticed that you're paying a lot more for gasoline today than you did just a month ago the national average three dollars and 57 cents a gallon.

That is 27 cents more than it was an early January.

Crude oil futures were down eleven cents to close at 9572.

A barrel but the entire equation maybe changes.

Our chief national correspondent Jim Angle reports the days of America's dependence on foreign oil could indeed be numbered.

The US has discovered so much more energy than it butted heads -- -- talk about North American energy independence.

We can make OPEC and OPEC if we really put our minds to it when you include our Canadian and Mexican neighbors we have so many -- -- That it did its mind boggling.

The reason advances in technology such as fracking and horizontal drilling and other improvement which -- -- increased natural gas production by 27%.

In just four years.

Making the US number one in gas with oil on its way.

We're talking decades if not into the hundreds of years of growth of supply.

Put in North America that's been estimated by the energy information agency.

The week could be the number one oil producer in the world like 20/20.

-- in Saudi Arabia.

So this is a big deal it's a game changing opportunity.

And it's of historic proportions.

Even those who share the administration's desire to reduce the use of petrochemicals.

Acknowledge government projections that the US will produce.

13 more of its own oil by 22 -- One analyst however says self reliance must include alternatives judges -- -- solar and more.

We can reduce our dependence on foreign oil.

By.

Shifting to electric vehicles and investing public transportation.

As well as having much more efficient cars which are already under way.

Either way analysts say being more energy sufficient could bring manufacturing.

Back to the US.

Because they'd have a cheap and reliable source of energy.

When you look at those potential opportunities to build new chemical plants to expand steel capacity.

To bring home a lot of those jobs are left over the past decade.

The primary driver is the cost of energy.

The US is producing so much -- natural gas there's talk of actually exporting it meaning hundreds of billions usually sent overseas to buying energy.

Would stay here at home instead to boost the American economy.

Jobs.

The question of course -- Israel the policy follow the promise that Jim Angle forced -- -- thanks as always.

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