US energy group seizes on IEA outlook

Washington needs to eliminate regulatory burdens that inhibit domestic energy production now that the IEA confirmed the country's leadership role, the API said. The International Energy Agency, in a Monday publication, said "the United States is projected to become the largest global oil producer" in the next 10 years. Advancements in technology to extract oil and natural gas from shale deposits and other unconventional resources are leading to increased production from places like the Bakken oil play and the Marcellus shale natural gas deposit. John Felmy, chief economist at energy trade group American Petroleum Institute, said regulators need to avoid the temptation to impose "burdensome and unnecessary regulations" that would impede domestic energy production. API has been critical of federal efforts embraced by U.S. President Barack Obama that industry groups said are keeping valuable land away from energy explorers. Supporters of renewable energy initiatives outlined in Obama's "all-of-the-above" policy said the environmental risks of shale and tight oil exploitation outweigh the benefits. The IEA said it was unlikely that U.S. energy dominance would be long term.