The United States Surpasses Saudi Arabia As World’s #1 Petroleum Producer In November
Here’s the chart, via Mark Perry:
From the post:
Thanks to the significant increases in shale oil production in North Dakota and Texas, total oil output in the US expanded by more than 7% between August and November, while output in Saudi Arabia fell by 4% during that period. Those trends brought “Saudi America’s” oil output in November (11.65 millions bbl/d) above Saudi Arabia’s oil production (11.25 million bbl/d) by 400,000 barrels per day, and is the first time in more than ten years (since August 2002) that the US has produced more petroleum products than Saudi Arabia. Although there are certainly variations in oil production that could mean that the US won’t continue to out-produce Saudi Arabia in every month, the upward trend in US oil output will continue, and the EIA predicts that the US will be the world’s largest petroleum producer within the next few years.
But hey, let’s ban fracking or something.Tags: energy, fracking, oil