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Move over, Russia: U.S. is now the world’s biggest oil and gas producer
The U.S. will end 2013 as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia, the Energy Information Administration said Friday.
The EIA estimated combined U.S. petroleum and gas production this year will hit 50 quadrillion British thermal units, or 25 million barrels of oil equivalent a day, outproducing Russia by 5 quadrillion Btu.
Petroleum production includes crude oil, natural gas liquids, condensates, and biofuels.
U.S. and Russian energy production over the past two years have been roughly equivalent. Since 2008, U.S. petroleum production has increased 7 quadrillion Btu, with “dramatic” growth in Texas and North Dakota, the EIA said.
U.S. natural gas production has risen 3 quadrillion Btu over the same period, the agency said, while Russia and Saudi Arabia each increased their combined petroleum and natural gas production by about 1 quadrillion Btu since 2008, the EIA said.
The EIA data confirm an analysis by The Wall Street Journal on Wednesday, saying the U.S. was poised to overtake Russia as the world’s largest producer this year — if it hasn’t already.
Tapping shale rock for oil and gas has fueled the U.S. boom, while Russia has struggled to keep up its output. The domestic energy boom is reshaping oil markets and chipping away at the political clout long held by petroleum-rich countries, the Journal said."Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton
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