Back in the Driver’s Seat: U.S. Set to Displace Russia as Top Oil Producer (Reuters)
Already the world’s largest natural gas producer, the United States has becoming the world’s largest oil producer locked in its sights. And according to the International Energy Agency, the United States will overtake Russia next year in that role. Thanks to the shale oil boom, the U.S. oil industry is experiencing a resurgence that harkens back decades to America’s former role as the world’s leading oil producer. However, the United States cannot still claim to be the world’s largest oil importer, since China now holds that distinction. As the United States continues to reshuffle the world energy deck, investors seeking to maximize their petro-dollars may want to look away from mother Russia, away from OPEC and back to the good ole U.S.A.