U.S. needs to prepare for an era of tight oil.

Loren Steffy pours cold water on the IEA report noting America's growing energy production:

It goes on to outline a future in which consumer demand continues to rise faster than production as nations fight for ever bigger pieces of the same pie.

Even its projection of U.S. oil dominance has an important qualifier. The IEA estimates the switch would happen â??around 2020â?³ but noted that the U.S. would remain the biggest oil producer only â??until the mid-2020s.â? Our reign as the worldâ??s oil king, if it ever happens, probably wonâ??t last more than five years....

Taken as a whole, the report outlines a world in which we face a shrinking supply of oil, rising prices and a growing toll on the environment.