Author Topic: U.S. World’s Largest Crude Oil Producer  (Read 571 times)

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U.S. World’s Largest Crude Oil Producer
« on: September 13, 2018, 08:45:02 AM »
Gee, who saw this coming?   :rolleyes: :thumbsup:

President Donald Trump’s America First energy policy has catapulted the United States to the world’s largest global crude oil producer, according to the Energy Information Administration (EIA).
EIA’s Short-Term Energy Outlook (STEO) report states preliminary estimates show the U.S. feasibly overtook Saudi Arabia and Russia to become the top crude oil producer earlier this year. The report notes U.S. crude production in February outstripped Saudi Arabia’s for the first time in over 20 years. Further, U.S. crude production in June exceeded Russia’s crude oil output for the first time since February of 1999.

EIA data signals the U.S. will maintain its position as the world’s largest global crude oil producer through 2019.

“U.S. crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana,” STEO principal contributors Tim Hess and Candace Dunn write.

In 2014, a drop in oil prices caused U.S. crude oil companies to trim overhead and downsize production.


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