The American Petroleum Institute said hydraulic fracturing of shale oil and natural gas deposits spawned an “energy revolution” in the United States. “America is in the midst of a game-changing energy revolution,” API Chief Economist John Felmy said in a statement Monday. He was commenting on a report from the U.S. Energy Information Administration, which predicted record-setting levels of oil and natural gas production in the United States. The EIA in its Monday report said crude oil production in the United States should reach 9.6 million barrels per day by 2016, equaling a record set more than 40 years ago. Crude oil production is expected to decline after 2020, though EIA said natural gas production should increase steadily through 2040. “This potential has been unlocked by innovations in hydraulic fracturing and horizontal drilling that have made America the world’s top energy producer,” Felmy said. […]