The U.S. is about to overtake Saudi Arabia as the world’s biggest oil producer:
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951. . . .The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons, which includes biofuels, will average 11.4 million barrels per day next year. That would be a record for the U.S. and just below Saudi Arabia’s output of 11.6 million barrels. Citibank forecasts U.S. production could reach 13 million to 15 million barrels per day by 2020, helping to make North America “the new Middle East.”
The energy world is changing fast. New producers are taking the place of the countries that have historically dominated the energy field. The United States has long been a top producer, but because of new technologies and newly-available reserves, we’re climbing the ladder, along with countries like Brazil, Canada, and Israel.