U.S. Energy Output Poised to Surpass Russia, Pimco Says
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The U.S. may surpass Russia as the world’s largest energy producer in the next 10 years as output of natural gas climbs, according to Pacific Investment Management Co.’s Mark Kiesel.
New oil shale development will start to pay off in the next few years, Kiesel, the mutual fund company’s global head of corporate bond portfolios, said in a report today on Pimco’s website. Technological improvements such as hydraulic fracturing, or “fracking,” and horizontal drilling have helped drillers boost gas production, according to Kiesel.