Startling facts reveal that the US may soon not only be the world's leading natural gas producer but also the top oil producer.
Domestic oil production and liquid hydrocarbons will surge 7% this year for the biggest gain since 1951.
www.usatoday.com/story/money/business/2012/10/23/us-top-oil-producer/1652937/. And more gains are almost certain over the next decade.
The DOE puts US average daily production in 2012 at 10.9 million barrels per day and that will likely to go to 11.4 million barrels per day in 2013. Biofuel production of about 1 million barrels per day is included in that number.
By comparison Saudi production will probably be 11.6 million barrels per day. But whether produced in Saudi Arabia or America, oil is globally priced so this surge in domestic production has not produced huge oil savings for consumers. Global pricing is one of the many differences between oil and gas that is regionally priced and for which the domestic price has crashed due to the US shale gas boom.