WASHINGTON — Russia, once the leading oil producer in the world, may fall to number 2 is the U.S. keeps up its current oil production pace.
Reuters reported that the U.S. has seen an oil production boon since the advancement of hydraulic fracturing, or “fracking” as it is known colloquially.
The U.S. has fallen to the number 2 oil importer in the world, ceding the first place to China. Fracking has reduced the need for importing more oil to meet American consumption demands as shale deposits have yielded great results.
The International Energy Agency, a Western energy watchdog, said that the U.S. is “in the driver’s seat of growth”.
It affects geopolitics as Russia cannot force the West to negotiate for oil prices with a rise in American-produced oil, and will now have to look to Asia to find this political and energy leverage.