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U.S. poised to pass Russia as world's top oil and gas producer

  • The increase of U.S. energy output in recent years has been widely discussed, but a WSJ analysis of global data shows the U.S. is on track to pass Russia as the world's largest producer of oil and gas this year - if it hasn't already.
  • The U.S. last year tapped more natural gas than Russia for the first time since 1982, and it's catching up in pumping crude; Russia produced an average 10.8M bbl/day in H1 2013, 900K/day more than the U.S. but down from a difference of 3M bbl/day a few years ago.
  • The amount of crude from the Bakken oil field in North Dakota and the Eagle Ford shale in Texas continues to rise rapidly, while Russian output is expected to remain flat through 2016; that's a big problem for Russia, whose oil exports could fall 25%-30% after 2015, reducing GDP more than $100B. (also)
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Comments (4)
  • peter6000
    , contributor
    Comments (2) | Send Message
     
    In Russia the government gets all the profit and in us the corporations. US debt wan,t be down no matter how much oil we produce.
    2 Oct 2013, 08:04 PM Reply Like
  • King Rat
    , contributor
    Comments (715) | Send Message
     
    With all due respect, what are you talking about? Domestic production of oil and gas affect are pertinent to the trade balance and current account more than anything else. No country can survive a permanent trade deficit and the US has generally run an annual trade deficit for the past 30 years, mostly on energy imports. Even if the US ever did erase the fiscal deficit, the trade deficit would remain just as vital.

     

    You could also argue that domestic energy production, whether oil, gas, solar, or otherwise, provides many blue and white collar jobs and all those people paying into the tax system instead of taking from the welfare system help reduce the fiscal deficit.
    2 Oct 2013, 10:06 PM Reply Like
  • june1234
    , contributor
    Comments (2628) | Send Message
     
    It helps but trade deficits weve been carrying for 30 yrs remain high. In an economy they keep saying is 70% consumer driven theres a better than 3 out of 4 chance that the hard-drive on your PC/laptop is made in Thailand. I doubt if you look through your home you'll find much of anything made in USA from your appliances to the flooring to the clothes you wear. in 2011 alone US corps outsourced 2.3 million jobs overseas, more than were cerated stateside that year. Debt, welfare or otherwise makes up difference, bout 60 to $70 trillion worth of US issued bond debt out there today. Food stamps make up $75B , drop in the bucket. And grocery chains wont be too happy if you pull that
    3 Oct 2013, 06:44 AM Reply Like
  • sethmcs
    , contributor
    Comments (3284) | Send Message
     
    Shale formations cannot be unique to the United States only. Its only a matter of time before Russia and China adopt the same technology and supply increases dramatically.
    3 Oct 2013, 01:25 AM Reply Like
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