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In a stunning reversal, U.S. oil and natural gas production increased, U.S. oil imports declined (see chart), and the country may end up as a net exporter of natural gas within the next few years. In addition, oil production in Canada is increasing, U.S. dependence on oil imports from Canada is expected to grow, and, once the pipelines are built, Canadian oil could be exported to the rest of the world from U.S. ports along the Gulf of Mexico. These changes in the North American energy landscape will have long-lasting economic and political effects, domestically and globally.
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