Bank of America has said the US overtook Saudi Arabia and Russia to become the world’s biggest producer of oil, as extraction of energy from shale rock strengthens the nation’s economy, Bloomberg has reported. US production of crude oil, along with liquids separated from natural gas, surpassed all other countries in the first six months, the bank said in a report. “America is now the world’s leading producer of oil and gas,” Francisco Blanch, the bank’s head of commodities research in New York, said in the report. “The American shale revolution has had a transformational effect on the US and global economies in recent years.”
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