California-based global investment firm PIMCO says in a new report that new natural gas and oil production in the United States is a "game changer."

The report is aimed at investors. PIMCO has more than $1.3 trillion in assets under management.

The report, by PIMCO Managing Director Mark Kiesel, says in part:

"While the U.S. economy is still heavily reliant on foreign oil, we should see improvement over the next several years given significant technological advances in horizontal drilling, new discoveries, growth in emerging oil shale developments and rising capital investment. Energy producers are applying techniques from horizontal natural gas wells to new horizontal oil wells, helping open new unconventional basins as well as increasing production from existing basins. North Dakota alone is now producing more than 500,000 barrels per day due to new oil shale development and this number is expected to double by 2016, according to Raymond James and Enbridge Inc. estimates, as of fourth quarter 2011.

"In combination, we believe increasing natural gas and onshore oil production could potentially see the U.S. overtake Russia as the world’s largest energy producer in the next ten years, and over time, America should make great progress in becoming more energy self-sufficient as a nation."

The full report can be read