Sometimes the revolution politicians seek isn't the one they get. Consider the irony—and the opportunity—in Monday's report that the U.S. is likely to surpass Saudi Arabia as the world's largest oil producer as early as 2020.
In its annual world energy outlook, the Paris-based International Energy Agency (IEA) says the global energy map "is being redrawn by the resurgence in oil and gas production in the United States."
The U.S. will increase its production to about 23 million barrels a day in 10 years from about 18 million barrels a day now, the IEA predicts. That's more optimistic than current U.S. government estimates and a change from a year ago when the IEA said Russia and the Saudis would vie for number one.
As readers of these pages know, the key to this U.S. energy boom has been technological innovation and risk-taking funded by private capital. Specifically, the private oil and gas industry pioneered the use of horizontal drilling and hydraulic fracturing (or fracking) to tap unconventional deposits such as shale that once were technologically out of reach. It also wouldn't have happened if the industry wasn't able to drill on private land, free from federal regulation.
This is a real energy revolution, even if it's far from the renewable energy dreamland of so many government subsidies and mandates.
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