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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.
Lower U.S. oil and gas imports, and future exports of LNG, will affect global trade and, therefore, the global economy in many ways. However, most of the impact is related to investment risk and the value of the dollar. Investment in the U.S. upstream and midstream, in particular, is expected to expand, and will attract domestic and foreign capital. On a risk-adjusted basis, North America will remain the best place in the world for energy investment.
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