9 January 2013 Last updated at 06:50 ETBy Richard Anderson Business reporter, BBC News
Shale oil and gas is now big business in the US, but has yet to to adopted elsewhere in the world
US oil production will jump by a quarter by 2014 to its highest level in 26 years, figures suggest.
This is mainly because of the discovery of vast reserves of shale oil.
The Energy Information Administration (EIA) in the US also forecast average global oil prices would fall from $112 a barrel in 2012 to $99 in 2014.
It said US oil imports would fall by a quarter between 2012 and 2014, because of rising domestic production and the discovery of shale gas.
US oil imports have been falling since 2005, when they stood at 12.5 million barrels a day. By 2014, they will have halved to six million barrels, the EIA said. …(more).