The United States is set to surpass Russian and Saudi Arabia as the world’s largest oil and natural gas producer by the end of 2013, the Energy Information Administration announced on Friday.
The EIA says US production levels will reach 50 quadrillion British thermal units, an equivalent of of 25 million barrels of oil per day. Based on that estimate the US will produce 5 quadrillion Btu more than Russia.
Petroleum production includes crude oil, natural gas liquids, condensates, and biofuels.
Taking over as the largest gas producer has come about thanks to “dramatic” growth in Texas and North Dakota. Since 2008 US petroleum production has increased by 7 quadrillion Btu. Over the last two years Russia and the US were neck-in-neck in terms of combined petroleum and oil production.
Natural gas production has risen by 3 quadrillion Btu over the same two year period while Russian and Saudi Arabia increased petroleum and natural gas production by 1 quadrillions Btu since 2008.
Some analysts believe the United States may already have become the world’s largest largest gas and oil producer, while others believe it will take until the end of the year for the US to claim the top spot.
The United States has experienced a gas production boom thanks in large part to shale rock mining through the controversial practice of fracking.
By drastically increasing its oil and gas productions the United States petroleum industry has managed to lessen the power of petroleum-rich countries, while reshaping oil markets like never before.
The following EIA created graph showcases the US’ rise to dominance over the last five years:
Do you think United States oil production will help slow the rise of gas prices, while providing US officials with more political clout in the global arena?
