For years Americans have wanted to be energy independent. While that may not happen in the near future, there are signs that chances may be on the way up.
The US shale oil and gas boom has boosted energy markets greatly and the nation is very close to passing Russia as the #1 combined oil and gas producer for the year.
This past July America produced 22 million barrels of oil, natural gas and other fuels per day.
The Wall Street Journal reports that’s more than Russia’s prediction of just fewer than 22 million.
Things began changing last year when, for the first time in 30 years, the US tapped more natural gas than the Russians.
Overall, American imports of energy like oil and gas have fallen 32% and 15% in the last five years and continue dropping.
But don’t celebrate just yet. Energy experts say the current energy boom may be over quickly.
There are massive shale reserves in Russia that remain untapped and restrictive government regulations along with big swings in prices in the US may end the trend in its early stages.
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