Higher crude oil prices, breakthroughs in technology, and more access to prospective acreage are creating a U.S. oil production revival that is a major break from nearly 40 years of declining production, two experts told the U.S. Senate Energy and Natural Resources Committee on Jan. 31.
“We believe that by 2020, the United States will become the largest producer of hydrocarbons in the world, surpassing Russia,” said Roger Diwan, partner and head of financial advisory operations at PFC Energy.
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