The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Lok Sabha in a written reply today that the shale boom helped US to produce nearly 15% of the global crude oil thereby significantly reducing its imports. The yearly growth of US crude oil production is around 1-1.2 MMB/D against the world demand growth of 0.8 MMB/D. The increase in oil and gas production in the United States of America is one of many possible factors helping in lowering of international prices of crude oil and spot prices of LNG. This has resulted in a lower crude oil import bill. This has also led to a reduction in prices of petroleum products like petrol, diesel, ATF, SKO, LPG, etc., thereby benefiting the consumers.
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