U.S. to Become World's Top Oil Producer by 2017: Hot Trends
By Brittany Umar - 11/12/12 - 8:01 AM EST
Tickers in this article: AMDNEW YORK (TheStreet) -- Popular searches on the Internet include "IEA" as the International Energy Agency forecast that the U.S. will become the world's biggest oil producer and gas producer in the coming years. The energy agency said the U.S. will become the biggest oil producer in the world by 2017, bumping Saudi Arabia from the top spot. The agency had formerly predicted Saudi Arabia would hold the title until 2035. The IEA noted high world prices and new technologies in the U.S. oil and gas production industries are driving the rebound in oil and gas production. It forecast U.S. oil production will rise to 10 million barrels per day by 2015 and 11.1 million bpd in 2020. The IEA also predicted that the U.S. will overtake Russia as the largest gas producer by 2015. It believes the country will become energy dependent around 2030, as North America would become a net exporter of oil around that time.
Nestle is trending as the company issued a recall of Nesquik chocolate powders sold in the U.S. due to possible salmonella contamination. The company said the recall pertains only to 10.9, 21.8 and 40.7-ounce containers of Nesquik Chocolate Powder produced during October 2012. Customers can check the production code on the bottom of the product to determine if it was made during that time and is subject to the recall. All products under the recall have an expiration date of October 2014. Nestle said it issued the voluntary recall after a supplier for an ingredient in the product notified the company of possible salmonella presence. The company said no illnesses have been reported.
Advanced Micro Devices
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
Tickers in this article: AMD
Latest news from section
See all news From General