Friday, July 4, 2014

US to remain largest crude and liquids producer


The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s 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 world’s 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 article goes on say that without this bounty oil prices would have already soared. This is something I have been saying on this blog for a while. This historic wealth creation is still in its infancy in my view. I hope you are taking advantage of this opportunity.

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