Less than a decade ago, as you might recall, energy was a big challenge for the United States. But since then there has been a boom in domestic U.S. oil and gas production due to the exploitation of shale oil and shale gas deposits through horizontal drilling and hydraulic fracking. In 2013, the United States overtook Russia as the world’s leading producer of oil and gas. Within two years, it is likely to surpass Saudi Arabia as the world's largest crude oil producer. As a consequence, U.S. imports of oil and gas have fallen steeply in the last 5 years, helping to reduce the U.S. trade deficit. Indeed, the United States will soon be a net exporter of energy.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Less than a decade ago, as you might recall, energy was a big challenge for the United States. But since then there has been a boom in domestic U.S. oil and gas production due to the exploitation of shale oil and shale gas deposits through horizontal drilling and hydraulic fracking. In 2013, the United States overtook Russia as the world’s leading producer of oil and gas. Within two years, it is likely to surpass Saudi Arabia as the world's largest crude oil producer. As a consequence, U.S. imports of oil and gas have fallen steeply in the last 5 years, helping to reduce the U.S. trade deficit. Indeed, the United States will soon be a net exporter of energy." in the context of "Stephen Hadley, "America's Role In The World" (30 October 2004), Lowy Institute." to mean that wisdom is timeless.