U.S. to shortly overtake Saudi Arabia, Russia in production of natural oil
By Catholic Online (NEWS CONSORTIUM)
7/6/2014 (2 years ago)
Catholic Online (www.catholic.org)
The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil production. That's the prediction of the Bank of America Corporation.
In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.
LOS ANGELES, CA (Catholic Online) - National production of crude oil, along with liquids separated from natural gas in the United States has surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter. In the report by B of A, the U.S. became the world's largest natural gas producer in 2010. The International Energy Agency said last month 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 bank's head of commodities research, says. "The shale boom is playing a key role in the U.S. recovery. If the U.S. didn't have this energy supply, prices at the pump would be completely unaffordable."
In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America's oil benchmark. The U.S., the world's largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April.
It's estimated that U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. It will hit its peak, and then decline and lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.
"It's very likely the U.S. stays as No. 1 producer for the rest of the year" as output is set to increase in the second half, Blanch said.
It must be noted that production growth outside the U.S. has been lower than the bank anticipated, keeping global oil prices high, Blanch said.
"The shale production story is bigger than Iraqi production, but it hasn't made the impact on prices you would expect," Blanch adds. "Typically such a large energy supply growth should bring prices lower, but in fact we're not seeing that because the whole geopolitical situation outside the U.S. is dreadful."
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