The US just hit a major achievement. We are presently siphoning out more unrefined petroleum than some other country on the earth, passing up even the large oil producers Russia and Saudi Arabia. It’s a huge turnaround for America and a big deal for the future of energy around the world.
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America’s Oil Production Takes Off
Not long ago, back in 2008, the U.S. was producing just 5 million barrels of crude oil per day. Quick forward to now and we are producing more than 12 million barrels every day. That’s more than double in just one decade! No one else even comes close anymore. In the years ahead, America’s new status as an oil superpower can possibly reshape worldwide energy exchange and international relations. U.S. dependence on oil imports has tumbled from 60% in 2005 to simply 10% today, conceding the country more noteworthy energy autonomy.
What Drove the Boom? New Drilling Methods Unlock Hidden
Oil What enabled America’s massive oil boom? Advances in drilling technology were a game changer. New techniques like fracking (blasting water underground to free up oil) and horizontal drilling (going sideways underground to capture more oil) allowed companies to get at hidden reserves trapped in shale rock.
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These shale formations like the Permian Basin in Texas turned out to hold a ton of untapped crude – billions of barrels! As the innovation continues to improve, U.S. oil production is on pace to keep climbing higher and higher.
What Happens Now That America Rules Oil?
With the U.S. less subject to imported oil, Americans have more energy security. And as the undisputed top dog in oil output now, the United States also has more influence over global oil prices and trade.
Shale drilling is still early, so projections are that America keeps pumping out more and more crude – over 13 million daily barrels in the coming years! That will unfalteringly cement the U.S.A. as the world’s NUMBER ONE producer. Of course, prices can’t plunge too low or companies may cut back drilling investments.
The primary concern however is that through development and can-do spirit, America has ended up as the winner in unrefined petroleum. Dependable shale penetrating now puts the U.S. controlling everything with regards to worldwide energy.
