Move over, Russia: U.S. is now the world’s biggest oil and gas producer

[Recursion]

http://blogs.marketwatch.com/energy-ticker/2013/10/04/move-over-russia-u-s-is-now-the-worlds-biggest-oil-gas-producer/

The U.S. will end 2013 as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia, the Energy Information Administration said Friday.

The EIA estimated combined U.S. petroleum and gas production this year will hit 50 quadrillion British thermal units, or 25 million barrels of oil equivalent a day, outproducing Russia by 5 quadrillion Btu.

Petroleum production includes crude oil, natural gas liquids, condensates, and biofuels.

U.S. and Russian energy production over the past two years have been roughly equivalent. Since 2008, U.S. petroleum production has increased 7 quadrillion Btu, with “dramatic” growth in Texas and North Dakota, the EIA said.

[KamaAina]

1. Does this mean we can stop invading other countries to get theirs?

Please?

[BainsBane]

5. Yes

Shale means we are not going to face a fuel shortage.

[Recursion]

8. Keystone and fracking. We're invading (or at least destroying) our own country to do this

In some sense I guess that's better...

[AustinActivist435]

2. Alternate energy

We need to develop alternate energy sources!

[Recursion]

4. That production includes bio, which is carbon-neutral

Though it has some water problems

[BainsBane]

6. Unfortunately

the development of shale oil makes that less likely.

[Recursion]

9. Oh, I'm sure bio will see some increases

That's at least not as actively harmful as fracking.

[gopiscrap]

13. Welcome to DU

[leftstreet]

3. US energy products go to the free marketz

More likely someone would invade the US

[mindwalker_i]

7. I'm not surprised e produce the most gas

with this congress.

[dipsydoodle]

10. Russia's gas and oil companies are however state owned

which seems to give rise to material benefits :

$37Bln Could be Invested From Russian Rainy Day Fund - Minister.

MOSCOW, October 6 (RIA Novosti) – Russia’s Economic Development Minister said Sunday that up to 1.2 trillion rubles ($37 billion) could be taken from a rainy-day windfall oil revenue fund and invested in infrastructure projects as the Russian economy faces a growing risk of stagnation.

The amount is 40 percent of the contents of Russia’s National Welfare Fund, a key fiscal buffer built up by the Kremlin during years of high energy prices.

“At the moment we are talking about roughly 40 percent, but this is only an idea for the time being, it’s not fixed in the required documents,” Economic Development Minister Alexei Ulyukayev told reporters in Indonesia.

President Vladimir Putin announced in a keynote June speech on economic policy that up to 450 billion rubles would be invested from the National Welfare Fund on an expansion of the Trans-Siberian Railroad, a new multilane highway encircling Moscow, and a new high speed railroad between the Russian capital and Kazan. Last week, Putin did not rule out that more money for other infrastructure ventures would also be required.

http://en.ria.ru/russia/20131006/183975491/37Bln-Could-be-Invested-From-Russian-Rainy-Day-Fund---Minister.html

To the best of my knowledge the US receives only royalties from oil companies operating within the USA.

The increase in US output is largely due to fracking : good luck with the drinking water supply.

[Recursion]

11. Well, in theory we also receive corporate taxes from US operating oil companies

yeah, I know...

[FarCenter]

12. Russia and Saudi Arabia export oil and gas; the US consumes all it produces and has to import more.

We import about 40% of the crude oil we consume.

We're a long way from having any excess to export.

[Prism]

14. Awesome!

Now let's stop allowing oil companies to sell to foreign nations before supplying American demand.

Or is that far too easy?