10.08.13

Hoeven: Bakken Playing Key Role in United States Becoming Number One Oil and Gas Producing Nation

WASHINGTON – Senator John Hoeven today said that North Dakota’s Bakken is playing a key role in helping the United States to become the world’s leading producer of oil and natural gas. The news comes as the nation continues in a government shutdown and a decision on raising the debt ceiling is pending. The energy industry can help the nation meet and overcome these challenges by generating jobs and creating revenues from economic growth, Hoeven said.

According to the Wall Street Journal, the United States is overtaking Russia to become the number one oil and gas producing nation due in part to technological advances like hydraulic fracturing.

“A Wall Street Journal analysis of global data shows that the U.S. is on track to pass Russia as the world’s largest producer of oil and gas combined this year—if it hasn’t already. The U.S. ascendance comes as Russia has struggled to maintain its energy output and has yet to embrace technologies such as hydraulic fracturing that have boosted American reserves,” the article states.

“North Dakota is a big reason the United States is becoming the number one energy producing nation in the world,” said Hoeven. “We’ve worked hard to create the right climate for our energy industry in North Dakota, and now the Bakken is helping our nation become truly energy independent. We need to build a similar comprehensive, states-first, all-of-the-above energy policy nationally to help our nation create jobs and generate revenue to help reduce our debt and deficit. This economic growth can be a big part of the solution to our nation’s current challenges with the deficit and debt as well as getting people back to work.”