Due to the wonders of fracking, the U.S. will supposedly overtake - TopicsExpress

Due to the wonders of fracking, the U.S. will supposedly overtake Russia as the world’s largest producer of oil and gas this year, if it hasn’t already, according to a Wall Street Journal analysis. Last year, the U.S. produced more natural gas than Russia for the first time since 1982. And it is allegedly catching up in pumping crude, producing 9.9 million barrels a day — or 900,000 fewer than Russia produced, at an average 10.8 million barrels a day in the first half of the year. That’s down from a difference of 3 million barrels a day a few years ago, the newspaper said, citing statistics from the Energy Information Administration. So, if the U.S. is truly in the midst of a modern oil boom, ask yourself this: why is West Texas Intermediate Crude still trading at over $100 per barrel?

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