The oil and gas production surge in the United States (U.S.) has analysts predicting the U.S. will lead the world’s in oil and production by the end of 2013.
According to The U.S. Energy Information Administration (EIA), the United States is on pace to surpass Russia by year-end 2013. Oil production alone has increased by 34% since 2005. The U.S. is already the top producer of natural gas, and its total oil and gas production for 2013 is estimated at 22.2 MMBOEPD.
Much of the rise in production is be attributed to new operational technologies and hydraulic fracing techniques used to unlock resources that companies were historically unable to produce.
Since 2005, Russia increased its crude production by 9.5%, but has hesitated to use new methods such as fracing.. The fracing frenzy has many analysts predicting U.S. energy independence in the not too distant future. The amount of crude imports in U.S.’ total oil consumption has dropped 32% since 2007.
According to EIA, since 2008, U.S. petroleum production has increased 7 quadrillion Btu, with dramatic growth in Texas and North Dakota. They say natural gas production has increased by 3 quadrillion Btu over the same period, with much of this growth coming from the Eastern U.S. Additionally, EIA reports Russia and Saudi Arabia each increased their combined hydrocarbon output by about 1 quadrillion Btu over the past five years
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