Congratulations, the United States, for the first time in 1973 the world’s biggest oil producer:
The feat demonstrates how the US shale oil boom has reshaped the global energy landscape. American oil output has more than doubled over the past decade.
“It’s an historic milestone and a reminder: Never bet against the US oil industry,” said Bob McNally, president of Rapidan Energy Group, a consulting firm.
Texas is the epicenter of the shale boom. Production in the Permian Basin of West Texas has grown so much that in February the United States vaulted above Saudi Arabia for the first time in more than two decades, according to the US Energy Information Administration.
US output kept climbing in June and August, reaching nearly 11 million barrels per day. That nudged the United States ahead of Russia for the first time since February 1999, the EIA estimates.
The United States isn’t expected to cede its crown any time soon. The EIA expects US oil production to stay ahead of Russia and Saudi Arabia through 2019.
If America is number one again, Texas is not far behind:
The Lone Star state is on track to produce more oil than either Iran or Iraq. That would make Texas No. 3 in the world if it were a country. And the state’s biggest port district recently exported more crude oil than it imported.
The US is now producing twice as much oil as it was ten years ago. If Iran wants to close the Strait of Hormuz, good luck to it, it will just choke in its own oil – in addition to choking on the economic sanctions.
Now it would also help if I wasn’t paying as much as $1.70 per litre, though at least I understand that the actual price of crude is only a small part of the overall price of petrol.