America is now the world’s largest oil producer
by Matt Egan @MattEganCNN September 12, 2018: 3:02 PM ET
Friday, October 26, 2018
Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world.
For the first time since 1973, the United States is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the global energy landscape. American oil output has more than doubled over the past decade.
“It’s an historic milestone and a reminder: Never bet against the US oil industry,” said Bob McNally, president of Rapidan Energy Group, a consulting firm.
Texas is the epicenter of the shale boom. Production in the Permian Basin of West Texas has grown so much that in February the United States vaulted above Saudi Arabia for the first time in more than two decades, according to the US Energy Information Administration.
US output kept climbing in June and August, reaching nearly 11 million barrels per day. That nudged the United States ahead of Russia for the first time since February 1999, the EIA estimates.
The United States isn’t expected to cede its crown any time soon. The EIA expects US oil production to stay ahead of Russia and Saudi Arabia through 2019.
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