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2020: That’s the year U.S. oil production will overtake Saudi Arabia if current rates of...

2020: That’s the year U.S. oil production will overtake Saudi Arabia if current rates of production growth hold steady. U.S. output is on track to surge 7% this year, to 10.9M bbl/day - the biggest one-year gain in more than 60 years. The production turnaround is pushing down imports, too: Today, the U.S. imports just over 40% of its oil, the smallest share in 20 years.
Comments (4)
  • I remember the Oil embargo when producers refused to sell. Now consumers are refusing to buy Iranian crude. Amazing how things change.

     

    George Mitchell's development of Fracking technology is one of the significant achievement of the late 20th century.

     

    P
    24 Oct 2012, 06:54 PM Reply Like
  • Well, after 40 years of being held hostage by OPEC, hopefully production growth here in the next 8 years re-balances the world. Own the pipeline MLPs.
    24 Oct 2012, 07:00 PM Reply Like
  • Elect Mitt Romney and he'll get Canada and Mexico to help us become NA energy independent in 8 years.
    24 Oct 2012, 10:51 PM Reply Like
  • Yes remarkably it is within grasp for North America. None of it due to Government policy. Actually despite it. Odd how that happens. Individuals and companies risking capital and applying ingenuity. If only those idiots in DC would pay attention to the way markets actually work.

     

    Obama Must be Defeated.

     

    P
    25 Oct 2012, 04:22 AM Reply Like
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