×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: US | oil | gas | producer

WSJ: US May Already Be World's Largest Oil, Gas Producer

By    |   Thursday, 03 October 2013 06:07 PM EDT

The United States is on pace to overtake Russia as the world's biggest producer of oil and natural gas and may already have done so, according to The Wall Street Journal.

In July, the United States produced the equivalent of about 22 million barrels of oil, natural gas and related fuels a day, according to data from the U.S. Energy Information Administration (EIA) and the International Energy Agency.

While those agencies don't have an estimate for Russian gas output this year, Russia's own forecast for 2013 breaks down to about 21.8 million barrels per day, according to The Journal.

Editor’s Note: Seniors Scoop Up Unclaimed $20,500 Checks? (See If You Qualify)

U.S. production has surged amid extraction of oil and gas from shale-rock formations through hydraulic fracturing (fracking). Russia is having trouble keeping up its production, as it hasn't adopted new technologies like fracking, according to The Journal.

"This is a remarkable turn of events," Adam Sieminski, EIA administrator, told the paper. "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."

To be sure, the increasing U.S. energy independence doesn't make us immune to developments in overseas energy markets, experts say.

"When we see disruptions in [global] markets, when we see disruptions in maritime transit, it has a direct impact on the price that we pay in the U.S. for energy, the price that we pay at the pump," said Carlos Pascual, State Department coordinator for international energy affairs, according to Platts energy publication.

"It has a direct impact on our economic productivity."

Editor’s Note: Seniors Scoop Up Unclaimed $20,500 Checks? (See If You Qualify)

© 2022 Newsmax Finance. All rights reserved.


Economy
The United States is on pace to overtake Russia as the world's biggest producer of oil and natural gas and may already have done so, according to The Wall Street Journal.
US,oil,gas,producer
283
2013-07-03
Thursday, 03 October 2013 06:07 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved