US Now Produces More Oil and Gas Than Russia and Saudi Arabia 416
Hugh Pickens DOT Com writes "Claudia Assis writes that the US will end 2013 as the world's largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia with the Energy Information Administration estimating that combined US 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. 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. Tapping shale rock for oil and gas has fueled the US boom, while Russia has struggled to keep up its output. 'This is a remarkable turn of events,' says Adam Sieminski, head of the US Energy Information Administration. 'This is a new era of thinking about market conditions, and opportunities created by these conditions, that you wouldn't in a million years have dreamed about.' But even optimists in the US concede that the shale boom's longevity could hinge on commodity prices, government regulations and public support, the last of which could be problematic. A poll last month by the Pew Research Center for the People and the Press found that opposition to increased use of fracking rose to 49% from 38% in the previous six months. 'It is not a supply question anymore,' says Ken Hersh. 'It is about demand and the cost of production. Those are the two drivers."'"
Obama is Awesome (Score:2, Funny)
Not only has he managed to get every American health care, but he has also made us virtually energy independent.
Way to go, Obama!
Re:I'd rather all the drinking water was contamina (Score:5, Funny)
Re:Importation (Score:5, Funny)
but produces more gas then it uses.
You leave congress out of it!
Re:Importation (Score:5, Funny)
THIS is what I believe is the US's plan to remain relevant in the coming economic collapse. As the rest of the world attempts to "route around" the damage caused by the US, the US's energy independence and abundance will make the US into an attractive exporter to control and keep the price of energy lower. At the end of the day, it's energy that runs the world. It is figuratively and literally a "power struggle."
Re:Importation (Score:4, Funny)
"Drill baby Drill would have only marginal downward presure on prices. So it follows that "Hoard baby Hoard" would also have only marginal upward presure on oil prices.
Appalling. I've always been concerned about the state of children laboring in sweatshop, but now you're offsetting the economy by exploiting infants?! Shame on you.