Skip to comments.Report: U.S. World’s Largest Crude Oil Producer
Posted on 09/12/2018 8:36:18 AM PDT by Hojczyk
President Donald Trumps America First energy policy has catapulted the United States to the worlds largest global crude oil producer, according to the Energy Information Administration (EIA).
EIAs 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 Arabias for the first time in over 20 years. Further, U.S. crude production in June exceeded Russias crude oil output for the first time since February of 1999.
EIA data signals the U.S. will maintain its position as the worlds 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 eastern Texas and western 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.
(Excerpt) Read more at breitbart.com ...
Give author a globe.
It is W Texas and E New Mexico
Take that Russia, Iran, Venezuela... interesting that producing more hurts our enemies. /sarc
But Obama told us that we were running out of oil?
Drill Baby, Drill!
“We can’t drill our way out of this problem.” - Barry O’Dipstick
This is hugh positive news. The MSM will be reporting this to inform the public. /s
Not possible. “Hubbard’s Peak.” Conventional Wisdom, all the smart professors, all the big-time commentators, said we were played out, couldn’t go back to the old days, never happen, fantasyland.
Fracked wells drop off in productivity about 30% per year, much faster than conventional wells. At first this sounds like a bad thing but it actually has an oil price stabilizing effect. If oil prices fall, producers stop drilling and total output falls fairly quickly. If prices rise, new low cost fracking technologies are quickly deployed to raise output again. The boom and bust days of the oil industry aren’t going to be as severe as they used to be.
Awesome! Drill Baby Drill!
We are the cartel now.
I was thinking the same thing myself.
Go, Trump, MAGA!
Everyone, go, be sure to VOTE to ensure a R majority in Congress to help president Trump.
Sarah Palin, batting her eyes, whispers: "That's my Trumpy!"
...”eastern Texas and western New Mexico”...
Who proof reads this stuff?
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