Now Who’s the World’s Biggest Oil & Gas Extractor?
|December 23, 2013||Posted by Staff under Environmental|
The U.S. will end 2013 as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia. The domestic energy boom is reshaping oil markets and chipping away at the political clout long held by petroleum-rich countries.
Combined U.S. petroleum and gas production this year will hit 50 quadrillion British thermal units, or 25 million barrels of oil equivalent a day, outproducing Russia by 5 quadrillion Btu.
Petroleum production includes crude oil, natural gas liquids, condensates, and biofuels.
U.S. and Russian energy production over the past two years have been roughly equivalent. Since 2008, U.S. petroleum production has increased 7 quadrillion Btu, with “dramatic” growth in Texas and North Dakota.
U.S. natural gas production has risen 3 quadrillion Btu over the same period, the agency said, while Russia and Saudi Arabia each increased their combined petroleum and natural gas production by about 1 quadrillion Btu since 2008, the EIA said.
Ed. Notes: Does this mean Americans now will pay less for oil and gas? No. Is this good news for the environment? No. Will this speed up the transition to renewable fuel? No. For these answers to be “yes”, the value of oil in the ground, before extracted, would have to paid as royalties to society. Then the public could enjoy the boom financially and investors would have less reason to stay with petroleum and more reason to switch to the next big thing. And that’d be good for nature.