WestVirginiaRebel Posted July 4, 2014 Share Posted July 4, 2014 Bloomberg: The U.S. will remain the worlds biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nations economic recovery, Bank of America Corp. said. U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the worlds largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids. The U.S. increase in supply is a very meaningful chunk of oil, Francisco Blanch, the banks head of commodities research, said by phone from New York. The shale boom is playing a key role in the U.S. recovery. If the U.S. didnt have this energy supply, prices at the pump would be completely unaffordable. Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, Americas oil benchmark. The U.S., the worlds largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energys statistical arm. ________ Happy Energy Independence Day! Link to comment Share on other sites More sharing options...
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