June 11, 2015
...AND CHEAPER...:
U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data (Rakteem Katakey, June 10, 2015, Bloomberg)
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.
Posted by Orrin Judd at June 11, 2015 7:33 PM
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