Move over Russia & Saudi Arabia,A the U.S. is now the largest global oil producer.
And we have Texas to thank.
"Texas Tea" Party.
Don’t Mess with Texas
- U.S. produces 11M barrels oil per day – more than any country in the world for 1stA time since 1973.
- Texas is responsible for one-fifth of U.S. productionA due to shale drilling boom.
- Texas is now on track to produce more oil than Iraq & Iran;A Mideast instability has impacted that region’s oil markets.
“It’s a historic milestone and a reminder: Never bet against the US oil industry.”
Bob McNally, president of Radian Energy Group, a consulting firm.
Why It Matters
- More production at home makes the U.S. less reliant on volatile Middle East, creating more jobs for production & distribution.
- Also important to remember: Oil is a global market. If Saudi Arabia or Russia ramped up production dramatically, it could drive prices lower – potentially to a point that would make extracting oil from shale not worth it financially.
The Department of Energy expects US oil production next year to continue at this pace or slightly higher, allowing it to remain the world's #1 oil producer through 2019.
- Dept of Energy:A The United States is now the largest global crude oil producer:
https://www.eia.gov/ todayinenergy/detail.php?id= 37053
- Dept of Energy: Top States by Production:
- Energy Dept: U.S. likely surpassed Russia as world’s top oil producer:
- America is now the world’s largest oil producer:
by Jenna Lee,