Posted June 10, 2015
U.S. Ousts Russia as Top World Oil, Gas Producer
BloombergBusiness – 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 (green line in chart, left) 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.”
Read more: http://bloom.bg/1S4alVK
BP’s Statistical Review of World Energy 2015: http://on.bp.com/1B2dktH
More industry news:
- U.S. Oil Production to Peak at 43-Year High: http://bloom.bg/1S4d5Ct
- Commentary – Numbers Don’t Lie: Crude Exports are in Americans’ Best Interest: http://bit.ly/1IvfBgG
- Cheap Natural Gas Prompts Turnaround at Texas Plant: http://bit.ly/1F8aj5K
- Opinion – The Corn Ethanol Boondoggle Continues – See EPA’s Latest Rule: http://bit.ly/1AYk7of
- EPA to Unveil Climate Rules Targeting Power Plants, Oil and Gas – Sources: http://on.wsj.com/1KpQiyE
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.