The United States is expected to be the largest producer of oil and gas in 2013, surpassing both Russia and Saudi Arabia, the U.S. Energy Information Administration reported.
Since 2008, the U.S. has been closing the gap between Russia with an increase of 7 quadrillion BTU of oil and 3 quadrillion BTU of natural gas, the Wall Street Journal reported. Last year was the first time the U.S. tapped more gas than Russia since 1982.
The total amount of gas and oil production for Russia and the U.S. in 2011-2012 only differed by 1 quadrillion Btu, but in July, the U.S. produced about 22 million barrels a day of oil, natural gas and related fuels, according to the EIA. Russia's output prediction for 2013 is 21.8 million barrels a day.
Saudi Arabia is still third overall and remains the world's largest oil producer but U.S. may take that title from them yet, WSJ reports. According to The Journal, the surge in oil in gas production is due to the "comeback fueled by shale-rock formations of oil and natural gas that was unimaginable a decade ago."
"This is a remarkable turn of events," the head of the EIA told the Journal. "This is a new era of thinking about market conditions, and opportunities created by these conditions, that you wouldn't in a million years have dreamed about."
In the past five years, the U.S. imports of natural gas have dropped by 32 percent and oil has dropped by 15 percent closing the U.S. trade deficit, according to the Journal, allowing the U.S. to not rely on peddling gas for economic strength.
The growth of oil and gas supplies from the U.S. will not only heighten U.S. energy security but it will also help deliver more stable gas prices. For now, the Journal reports barrels closing at $104.10 a barrel on Wednesday, which is 18 percent higher than a year ago.
