NOT Saudi Arabia, Not Russia - United States has Top Oil and Gas Production Again
New methods of oil and gas extraction from shale, like "fracking" have drastically increased production in North Dakota, Alberta, and other states and provinces in North America - putting the US and Canada on much better terms vs. previously dominant OPEC producers and Russia. All this oil also lowers the price.
Like it was 100 years ago...
The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields.
U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined.
The data showing the U.S.’s emergence as the top driller confirms a trend that’s helped the world’s largest economy reduce imports, caused a slump in global energy prices and shifted the country’s foreign policy priorities.
“We are truly witnessing a changing of the guard of global energy suppliers,” BP Chief Economist Spencer Dale said in a presentation. “The implications of the shale revolution for the U.S. are profound.”
Full article HERE