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U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

http://www.bloomberg.com/news/2014-07-04/u-s-seen-as-biggest...

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.

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SteveMT's picture

All this oil has had no effect on our trade imbalance.

The US trade deficit hit some $49 billion dollars in the month of May, the highest real trade deficit ever recorded!

http://www.zerohedge.com/news/2014-07-04/excluding-oil-us-tr...

More propaganda. Nevermind

More propaganda. Nevermind that these shale plays will be tapped out in a few years AND it's VERY expensive.

Cheap oil is a distant memory. It won't be long before it takes more than a barrel of oil in energy costs to get a barrel out of the ground. Let me know how that works out.

http://www.peakprosperity.com/crashcourse

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul