Fracking puts America on the path to energy independence
US crude production has reached a 25 year high as shale gas slashed the need for foreign oil imports.
The US pumped over eight million barrels a day in the week ended December 6, according to the Energy Information Administration (EIA). US oil output surged by 18 per cent over the past year, the fastest pace on record.
The figures put America on the path to be the world's largest energy producer by 2015, five years sooner than EIA forecast last year.
The EIA predicts that crude and petroleum products will fall to 28 per cent of domestic demand in 2014. Fracking in states such as Texas and North Dakota was largely responsible for the rocketing production.
From the end of September 2012 production increased by 21 per cent in Texas, likewise production in North Dakota rose by 21 per cent.
America is now set to produce over eight million barrels a day in 2014. The US is rapidly approaching energy independence, with 86 per cent of its energy need met in the first eight months of 2013.
Europe has been less enthusiastic in its of embrace shale gas, with strong opposition from environmental campaigners and regulators. However, the UK proved more receptive to fracking.
The government's new tax allowance for companies involved in shale gas could spark the beginnings of an energy revolution in the UK. There has been strong pressure from business groups for the government to support the industry.