America is producing more energy than ever before thanks to a boom in oil and natural gas, according to a Monday report by the Energy Information Administration (EIA).
American oil production increased by 8 percent and natural gas increased by 5 percent in 2015, according to the EIA report. The boom in oil and gas helped offset the enormous 10 percent decline in U.S. coal production. The increase had little to due with wind or solar power, as American production of green energy remained flat.
Overall, America has produced more energy 6 years in a row.
Source: Energy Information Administration
Fracking helped America surpass Russia in early 2015 as the world’s largest and fastest-growing producer of oil and natural gas, causing energy prices to drop 41 percent over 2015, according to the EIA.
Cheap energy prices especially benefit the poor, who spend far higher proportions of their income on energy than the average household, according to a December 2014 study by the Pacific Research Institute.
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