Move over Saudi Arabia; there’s a new top oil producer in town. Riding a fracking-induced boom in production, the United States is now the world’s largest producer of crude, and natural gas to boot. That’s according to a new Bank of America report, which hails America’s ever-growing global energy clout. Bloomberg reports:
U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. The country will lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.“It’s very likely the U.S. stays as No. 1 producer for the rest of the year” as output is set to increase in the second half, Blanch said. Production growth outside the U.S. has been lower than the bank anticipated, keeping global oil prices high, he said.
It’s pretty ironic that without fracking President Obama would be toast. Energy prices would be soaring through the roof, job creation would be zilch, and the stock market would be in the toilet.Throughout U.S. history, the dynamism of the American economy has rescued our political system from its failures and inadequacies. Think about the Gilded Age, a generation-long period of massive corruption and inept governance, which nevertheless saw the United States lay the foundations of a modern, industrial economy. Those who focus solely on Washington will have too pessimistic a take on the American future. That’s just one reason why the fight to limit Washington’s control of the economy is an important one.Another irony: If the greens in Obama’s base had been able to block fracking throughout the country, their success would likely have wrecked the Democratic Party for a generation.