The U.S. will pass Russia and Saudia Arabia as the top energy producer in 2013, according to a report by the Energy Information Administration published Friday.
Since 2008, U.S. petroleum production has increased 7 quadrillion Btu, with dramatic growth in Texas and North Dakota, the report says. Natural gas production has increased by 3 quadrillion Btu over the same period, with much of this growth coming from the eastern U.S.
Saudi Arabia’s energy output is primarily petroleum, while the U.S. is a mix of natural gas and oil. Total energy production United States and Russia for 2011 and 2012 were roughly equivalent. In 2013, however, the production estimates widen out, with the United States expected to outproduce Russia by 5 quadrillion Btu.
The price of West Texas Intermediate crude oil fell 1.28%, to $101.69, in early morning futures trading. It had been as high as $110 a barrel in August.
Gasoline prices have fallen the past year. A gallon of unleaded gasoline cost an average $3.345 Thursday, according to AAA, vs. $3.813 a year earlier.
Courtesy of USA Today