The surge in U.S. oil production fueled by technological advancements in drilling has surprised many, observers say. According to forecasts, the U.S. could become the largest producer of oil in the world by 2020, besting Saudi Arabia and Russia. "The view I have is the U.S. will be a lot less dependent with Canada. That will really reduce imports, combined with more fuel-efficient cars, from outside North America. We'll still be importing some, but it's certainly a rebalancing of global oil," said Daniel Yergin, vice chairman of IHS.

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