Monday, May 20, 2013

Most energy execs indicate potential for US energy independence by 2030, some say 2020

USA: Nearly two-thirds of energy executives believe the United States can attain energy independence by 2030, eliminating the US dependency for foreign oil, according to the results of the 11th annual Energy Industry Outlook Survey conducted by the KPMG Global Energy Institute.

In fact, survey results indicate a 10 percent decrease in those who previously believed the US would never attain energy independence.

KPMG's annual energy survey, which polled more than 100 senior executives in the US representing global energy companies, found that 62 percent of respondents think the US can attain energy independence by 2030, up from 52 percent in last year's survey.

Of the 62 percent, nearly one quarter (23 percent) think energy independence is possible by as soon as 2020. Additionally, the percentage of executives who believe that US energy independence will never happen dropped by 10 percentage points this year, from 27 percent in 2012 to 17 percent in 2013.

"Increased domestic production, particularly from shale assets, is having a profound impact on the global energy sector, introducing new sources to the energy matrix," said John Kunasek , national sector leader for energy and natural resources for KPMG LLP. "This 'shale gale' is certainly contributing to the increased optimism among energy executives on the potential for US energy independence and driving large investments into the development and production from these shale assets, including 'Greenfield' investment plays."

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