United States of America has become the largest producer of oil and gas in the world overtaking Saudi Arabia and Russia in last six months according to a research from Bank of America Merrill Lynch, BoAML.

The research showed that US oil production rose by 70 per cent since it dipped in 2008, while its liquefied natural gas output has jumped by 40 per cent since 2005.

Rising U.S. oil supplies come as an Islamist insurgency threatens output in Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, OPEC after Saudi Arabia.

Territorial gains in northern Iraq by a group calling itself the Islamic State has spurred concerns that oil flows from the south could be disrupted.

Exports from Libya have been disrupted by protests, while Nigeria’s production is threatened by oil theft and sabotage.

Nonetheless, examining the data on a state-by-state basis, BoAML also found a strong relationship between US employment growth and the production of oil and gas over the last five years.

Furthermore, wage rises have been strongest in those states with increasing oil output over the same period.

Energy intensive industries like chemicals have been particular beneficiaries of the jump in shale production. But the service sector has also had a taste of the action.

BoAML pointed out that most of the jobs waiting tables and building houses in North Dakota, the fastest growing state last year, can be traced to the boom in shale oil.

Cash has been pouring into the oil and natural gas sector, reaching close to 20 per cent of total us private fixed structure investment, the highest level ever in US history at $200bn a year and almost as much as residential investment.

However, despite America’s stellar performance, it has also been the case that crude production outside the world’s largest economy has been lacklustre in recent months.

alj harem: Lies, big propaganda.

Na so e dey happen.

fitzmayowa:
Do you have any "counter proof"

rusher14:
In recent times there have been deliberate government policies enacted to increase the capacity of hydrocarbon production (from crude, to natural gas, to Shale oil etc.) as well as reduce energy consumption.
It should surprise no one that this has led to an upswing in production capacity and a reduction in the reliance of imported energy.
My 2-Cents.

WackyJ1: I smell propaganda

Now America cannot be blamed for inviting terrorism in oil rich countries because it produces more than enough oil to feed itself. Well played America



And these "recent" policies are enough to make them jump from the biggest importers to the biggest producers?

cbrass: No wonder ISIS declared war on saudi arabia...waoo...so this is it, this is why I will always support russia against these vampires of the west

aljharem: Lies, big propaganda.

Na so e dey happen.

cbrass: Pure lies

aljharem: Lies, big propaganda.

Na so e dey happen.

chiboy11: America does not produce Crude or Have Crude oil wat dey ve is Shale Oil which is only good to Power electricityn am sure no automobile in dis world uses such , so dis re all lies n propagada.

If America haz crude oil y re dey d 2nd most country afta china importing Oil or do dey drink diers

WackyJ1: I smell propaganda

Now America cannot be blamed for inviting terrorism in oil rich countries because it produces more than enough oil to feed itself. Well played America



And these "recent" policies are enough to make them jump from the biggest importers to the biggest producers?