A new world power

For decades, America has dreamed about becoming self-sufficient in terms of energy, and ending its dependence on unsavoury Arab regimes. Now this dream seems within reach. The International Energy Agency this week forecast that America is undergoing a fuel revolution, and that it will overtake Saudi Arabia to become the world’s biggest oil producer by the end of this decade. By 2035, America should be able to meet almost all of its own energy needs. Energy prices are already plummeting, and global manufacturers have started to pull out of Europe and relocate to the southern states to cut bills. An economic miracle is under way.

The reason for the miracle is hydraulic fracturing, or fracking. American energy companies have mastered new ways of releasing oil and gas trapped in shale rocks by firing high-pressure jets of water at them. Just five years ago, this was an emerging technology. Now, shale provides America with a third of its gas.