This is good news for the stability of gas prices at pump and a whole host of diplomatic and economic reasons. At 25 million barrels per day, the United States will surpass Russia and Saudi Arabia as the world’s largest producer of oil and natural gas in 2013. This is according to the last Friday’s report from the Energy Information Administration (EIA).
“The rise to the top was fuelled by new drilling techniques, such as horizontal drilling and hydraulic fracturing, which have unlocked vast quantities of oil and gas from shale rock formations – especially in North Dakota and Texas.
Most of the new oil was coming from the western states. Oil production in Texas has more than doubled since 2010. In North Dakota, it has tripled, and Oklahoma, New Mexico, Wyoming, Colorado and Utah have also shown steep rises in oil production over the same three years, according to EIA data.” – the guardian.com
You can also read more on Reuters.com
The U.S. Becomes the World’s Largest Oil Producer