Today’s big report from Citi validates what energy bulls have been saying for years. America is becoming an energy superpower again, and this could be great for the economy. One particular chart from the report will knock your socks off.
US oil and gas production is projected to pass Saudi Arabia and Russia by the end of 2013.
After that US producers will take a big lead. Canadian and Mexican production is soaring too, which is why Citi calls North America the new Middle East.
Citi is even more bullish than Goldman, which projects US production to pass Saudi Arabia in 2017.
Here’s a breakdown of the US liquid supply:
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