Although the U.S. has long imported more oil than it has exported, a new study finds that the U.S. could become a net exporter of oil by the year 2010. The news is quite shocking but totally possible thanks to ever-shifting global demands.

According to a new report by Booz & Company, the conditions could be ideal for the U.S. to become a net exporter of oil. Although the U.S. still has a large thirst for oil, our demand for dino-juice has actually subsided over the last year due to record high prices at the pump. In fact, oil demand is down 8.6 percent this year, leaving us with a little extra capacity.

Take into consideration increasing bio-fuel production requirements and the rapid greenification of the automobile and our demand stands to decrease even further in the coming years.

However, while Americans are just in the beginning stages of weaning themselves off gasoline, emerging regions – such as India – are just preparing for a transportation boom. And because developing countries’ lack of refining capacity, they will be looking to outside countries to fulfill their ever-growing thirsts.

This is where the U.S. comes back into the equation. With our gas consumption on the decline, we would have enough excess capacity to ship to developing regions. This is not to say our exported oil would come from U.S. oil fields, but it would be entirely possible for us to import oil from other countries only to send it on its way once again, making the U.S. a net exporter of oil.

Source:- http://www.leftlanenews.com/us-to-become-net-exporter-of-oil-by-2010.html

Quoting from [essar53]:

     At  last  , 

     the invincible hand  of  economy-rules  had again  show  the emerging

     Ceteris  Paribus,  would be overcome by the  Natural- market behaviour

     of  the  Elasticity and  Substitution

     Conventional  Oil  replaced by bio-fuel  conversion 

     The  petrol car  modified  to bio-diesel  or  magnetic-battery car etc 

     So  no Single Majority  in the  Universe.  

     .....