October 8, 2013
-The United States will reach the first place as a world producer of gas and oil, surpassing Russia and Saudi Arabia, according to the Energy Information Administration.
-The investment conditions promoted by the Obama administration have caused a boom in the private sector, while those of the government have decreased
The result comes as a consequence of the private investment boom in the energy sector since 2008. “This is a new era due to market conditions and the opportunities created from those conditions, which could not be dreamed of in a million years. ”, assured the head of the EIA to the Wall Street Journal.
The process began in 2008, some time after economists and analysts said the country was headed for an energy deficit and an "inexorable decline" in local oil production.
Five years later, the production of the so-called “black gold” has increased by 7* billion BTU*, while in gas the increase has been 3 billion. Its competitors, such as Russia and Saudi Arabia, increased their production by an average of 1 billion each.
The increase has been sustained thanks to the investment conditions that were promoted during the administration of Barack Obama; In short, the energy boom in the United States has been generated by the private sector, not by the government.