Deloitte Report: U.S. Executives Believe Country Won’t Be Self-Sufficient for Oil

By Kalen Smith, Big4 Blogger

A new report from Deloitte found that business leaders expect the United States will be a self-sufficient producer of natural gas within the next decade. However, they are more pessimistic that the United States will be able to be able to satisfy its oil needs without tapping foreign supplies.

Nearly 300 executives participated in the survey. Most of them had at about 20 years of experience in the oil industry. Over half of the participants said the United States will never be able to be a self-sufficient producer of oil. Approximately a quarter said that goal could be possible within the next decade.

Some experts feel that self-sufficiency could be possible, even if it is unlikely due to a variety of political constraints. Peter Robertson is an adviser to Deloitte and former executive for Chevron. Robertson said that the United States could be self-sufficient if it utilizes both traditional and unconventional sources of oil.

Many executives expect that oil prices will be increasing in the coming months. However, nearly two-thirds feel that natural gas prices will begin to decline as the United States taps new supplies.

Capital spending is expected to increase in the near future and the demand for both natural gas and oil is expected to grow accordingly.