The world is split between those countries that have oil, and those that want it.
On Tuesday, Oct. 8, Lorna Greening presented her lecture "US Petroleum Renaissance: A Holistic View," at the Howard H. Baker Jr. Center for Public Policy.
As the co-editor of "Energy Policy," an international peer-reviewed journal exploring the policy implications of energy supply and use, Greening also acts as an economic consultant and researcher.
With more than 30 years of experience in the field of energy policy, Greening discussed several different aspects of energy, including its economic, environmental, planning and social effects.
Alyssa Green, a freshman in political science, said she wished the lecture had focused more on the affects of the fossil fuel.
"I thought it would involve more policy making, especially about oil," Green said. "It was more about the technical aspects surrounding oil."
Greening's idea of a "petroleum renaissance," denotes her belief that the nation will eventually become energy-independent and a major oil producer.
"Since 2008, U.S. oil production has increased by approximately 25 percent and imports have declined from 62 percent to 40 percent," Greening said.
Greening said she believes the U.S. holds the potential to become energy independent through new technologies like horizontal drilling, hydraulic fracturing – better known as 'fracking' – and the utilization of shale or tight oil.
These new methods of drilling and usage of oil are less expensive and more efficient than standard strategies for obtaining oil.
Horizontal drilling, for example, allows the drill to turn at a 90-degree angle in the ground so multiple wells can be created from a single rigging site.
This is ideal for offshore drilling and is much more economically efficient than previous methods of oil extraction.
"Potentially, world energy balances can be altered as a result of the technology revolution in the U.S.," Greening said.
Despite recent economic and political messages, Greening asserted that the country is not lacking energy.
"The U.S. has been driven by a crisis mentality that we're running out of oil," she said. "No, we're not."
Green, though, agreed with Greening's opinion of the the nation's energy resources.
"We've got a lot of oil and its potential is great if we use it correctly," Green said.
In Greening's opinion, the U.S. could become a leading exporter of crude oil by 2030.
"We've got a lot of energy, but the thing is we've got to take a look at what we do have and use it wisely," Greening said. "I strongly believe that renewable energy and energy efficiency need to be expanded."