Gracious! How the future has changed! A year ago, the 2011 World Energy Outlook of the International Energy Agency predicted that oil imports by the United States would continue indefinitely but would decline. China was going to be highly dependent on Iraq, the Middle East and a few other oil producers in North Africa. Now, according to the 2012 outlook document issued this week, the U.S. will become the world's largest oil-producing country, overtaking Saudi Arabia about eight years from now, and will become a net oil exporter around 2030.