The United States has passed as the world’s largest producer of oil and natural gas in recently released figures.
The figures were confirmed last July.
The United States produced about 22.2 million barrels a day of oil, gas, and related fuels in July, according to the U.S. Energy Information Administration (EIA) and the International Energy Agency.
Russia's forecast for oil and gas production in 2013? About 21.8 million barrels a day.
The Wall Street Journal observed a "startling shift" in production by the two countries is "eroding the clout of traditional energy-rich nations."
The almost unnoticed rise of America to the top has been fueled by new drilling techniques, such as horizontal drilling and hydraulic fracturing, which have unlocked vast quantities of oil and gas from shale rock formations.
Nowhere is that more obvious than the economically-booming state of North Dakota, The Guardian reported. The Journal foresees the United States is on track to surpass Russia as the top oil and gas producer for 2013, period.
Last year the United States produced more natural gas than Russia for the first time since 1982, according to the International Energy Agency.
The energy states leading the way include Texas, which has more than doubled since 2010, and has tripled in North Dakota. Oklahoma, Wyoming, New Mexico, Colorado, and Utah have shown sharp increases in oil production over the past three years, according to EIA data cited by The Guardian.
The fabulous news is lower energy prices will result in a rise in disposable income, adding $2,700 per household in 2020.
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