This is truly an incredible story that some of us have been reporting on for quite some time.
Bloomberg is reporting:
The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S.
production of crude oil, along with liquids separated from natural gas,
surpassed all other countries this year with daily output exceeding 11
million barrels in the first quarter, the bank said in a report today.
The country became the world’s largest natural gas producer in 2010. The
International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
“The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”
Oil extraction is soaring at shale formations in Texas and North Dakota
as companies split rocks using high-pressure liquid, a process known as
hydraulic fracturing, or fracking. The surge in supply combined with
restrictions on exporting crude is curbing the price of West Texas
Intermediate, America’s oil benchmark. The U.S., the world’s largest oil
consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energy’s statistical arm.
U.S. oil output will surge to 13.1 million barrels a day in 2019 and
plateau thereafter, according to the IEA, a Paris-based adviser to 29
nations. The country will lose its top-producer ranking at the start of
the 2030s. [We will?]
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