U.S. Rises to No. 1 Energy Producer
By Russell Gold and Daniel Gilbert | Updated October 2, 2013, 8:10 p.m. ET
The U.S. is overtaking Russia as the world’s largest producer of oil and natural gas, a startling shift that is reshaping markets and eroding the clout of traditional energy-rich nations.
U.S. energy output has been surging in recent years, a comeback fueled by shale-rock formations of oil and natural gas that was unimaginable a decade ago. A Wall Street Journal analysis of global data shows that the U.S. is on track to pass Russia as the world’s largest producer of oil and gas combined this year—if it hasn’t already.
The U.S. ascendance comes as Russia has struggled to maintain its energy output and has yet to embrace technologies such as hydraulic fracturing that have boosted American reserves.
“This is a remarkable turn of events,” said Adam Sieminski, head of the U.S. Energy Information Administration. “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.”
It’s quite possible that Russia, once it adopts the new technologies which have enabled the United States to increase our energy production, will once again move back into first place, but that isn’t the important part; the important part is that American oil and gas producers have increased our production and that a far larger percentage of our total consumption will be domestically produced.
It’s just too bad that we have a government led by people who have swallowed the climate change mantra to the extent that they would make Americans poorer at a time when our energy production should make us wealthier.
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