Move Over, Moscow: U.S. to Lead the World’s Oil and Gas Production
Soon the U.S. will surpass Russia as the world’s leading oil-and-gas producer, pumping out about 22 million barrels per day to Russia’s 21.8 million. The American surge is due to the dramatic expansion of hydraulic fracturing, also called fracking, that accesses oil and natural gas deposits in shale rock formations thought to be inaccessible as recently as a decade ago. Russia has yet to embrace the practice. Continued U.S. production at such high levels isn’t a given, but for the moment the surge is good news for American manufacturers. The benefits reach the nation’s poor too, as lower gas prices mean lower energy bills.