Shale oil and gas is rocketing U.S. production, now set to surpass even global leader Russia.
Unconventional drilling and hydraulic fracturing are the reason.
In a Wall Street Journal report, Adam Sieminski, head of the U.S. Energy Information Administration, said: “This is a remarkable turn of events. 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.”
U.S. production equaled 22 million barrels a day of oil, natural gas and related fuels in July, according to the EIA and the International Energy Agency.
Russia forecasts 2013 output at 21.8 million barrels a day.
U.S. imports of natural gas and crude oil have fallen 32% and 15% respectively in the past five years, the Wall Street Journal said.
“The U.S. last year tapped more natural gas than Russia for the first time since 1982, according to data from the International Energy Agency,” the WSJ said.
Russia produced an average of 10.8 million barrels of oil and related fuel a day in the first half of 2013 — about 900,000 barrels a day more than the U.S.