Guest post by Joe Hoft
Another Trump Miracle – the US is now the largest oil producer in the world. In fact, at the end of the next five years the US will be producing more than Saudi Arabia and Russia combined.
Back in September, the US reportedly became the world’s largest producer of oil –
The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.
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 western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana.
Oil and Gas Investor.com released their numbers a week ago and oil is king in the US –
The U.S. is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said Jan. 24.
U.S. liquids output is expected to surpass 24 million barrels per day (bbl/d) over the next six years, Rystad said, assuming average U.S. crude prices of $58 a barrel during the period.
The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said.
“U.S. growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive U.S. production tendencies will persist,” Rystad analyst Artem Abramov said.
U.S. edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.
The far left media will not report this success but it means more than just being number one. By drilling more oil in the US, the US economy benefits and billions of dollars remain in the US rather than going to terrorist regimes around the world. President Obama had a policy of preventing oil drilling in the US and this only prevented the US from being energy independent from oil producers elsewhere. It made no sense unless Obama wanted to keep the US poor and dependent.
President Trump is helping oil and coal producers in the US.
President Trump opened up the US for drilling for oil by eliminating unnecessary regulations hindering drilling at home. As a result the US is becoming richer and more energy independent. It is miraculous that the US is in this situation in only a few years.
Hat tip Hannah