It seemed like a far off dream when people talked about the U.S. not having to rely on foreign oil anymore. We heard predictions of years that were so far off, it didn't seem real.
But the International Energy Agency delivered some news Monday that many Americans and energy experts have been waiting to hear: Around 2017, just five years from now, the U.S. will be the largest oil producer in the world, overtaking Saudi Arabia.
U.S. oil imports will also drop to about four million barrels per day in 10 years from a current average of 10 million because of new production and stricter fuel efficiency standards for cars and trucks.
"The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms -- a dramatic reversal of the trend seen in most other energy importing countries," the IEA stated.
President Obama said "freeing ourselves from foreign oil" is a goal for policy makers in his election victory speech last week, echoing George W. Bush, who in 2006, called for the U.S. to break its "addiction" to imported crude.
So, does this mean gas prices will remain stable in the U.S. over the next decade or we still be looking at $4 or even $5 a gallon gas by 2020?
Why is it so important that we aren't as reliant on foreign oil... how does that help the average person and how does it help this country as a whole?
Analysts are saying this shift will have significant implications, what does that mean... why does it matter?