US overtaking Russian oil and gas production
As the shale revolution hits full stride, largely thanks to hydraulic fracturing or ‘fracking’, the United States is on the verge of eclipsing Russian oil and gas production.
Total US oil and gas output in the United States this summer was roughly 22 million barrels/day, which beats Russia’s 2013 forecast average of 21.8 million barrels/day, according to the Wall Street Journal.
In 2012 US natural gas output was higher than Russian production for the first time in three decades.
Some US state legislatures have been more accepting of fracking than others. California recently passed legislation to regulate the development of its shale reserves, the largest in the nation, while New York State has yet to lift a ban on the practice.