U.S. government official says country to become key source of global energy supplies

© Reuters. U.S. government official says country to become key source of global energy supplies

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The United States will become a key source of energy supplies to meet growing demand globally, with innovation in technology and financing set to boost U.S. oil and gas production in the next decade, the country's top energy diplomat said.

"In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins," said Frank Fannon, assistant secretary in the energy bureau of the U.S. state department.

"What this means in the near-term is that the United States may double production, double export capacity and introduce new market innovation," he said at an industry conference in Singapore.