Wood Mac sees U.S. on its way to energy independence

The United States is on the path to energy independence because it's producing more reserves than it consumes, analysis from Wood Mackenzie finds.

Wood Mackenzie finds oil and natural gas production in the United States is up 42 percent from 2007 in part because of hydraulic fracturing, horizontal drilling and other drilling applications tied to the shale industry.

Higher production and lower demand, in turn, means the economy is relying less on external sources to meet its energy demands.

"A country can achieve energy independence through two channels -- it can either produce more or consume less, and the United States is doing both," James Brick, a senior analyst at Wood Mackenzie, said in a Thursday statement.

Wood Mackenzie finds demand is decreasing in United States because the transportation sector is more efficient.

Gains in production have fueled the debate over policies enacted in the 1970s that restrict crude oil exports. Brick said oil production should increase through 2030 regardless of the status of the ban.

With new technologies emerging for shale, Wood Mackenzie said oil output from the United States could increase by 3 million barrels per day to 10.3 million bpd by 2030.