About a decade ago, the united states ranked third in worldwide oil production. At that time, they only trailed behind Russia and Saudi Arabia. Fast-forward to today, the Us leads the world in both natural gas and oil output.
The USA has more than doubled the amount of crude it puts out. At the same time, it has raised the production of gas by two-third. This is according to federal data.
Fracking is the main reason for the surge. Hydraulic fracturing and horizontal drilling techniques have led to a major boom for US oil production. In turn, this has also boosted the national economy, brought down consumer prices and has even played a major role in reshaping the geopolitical landscape.
The chart below shows progress over the last 10 years. That being said, here’s some key progresses:
Change in oil and gas production since 2010
In 2018, the United states became the top oil producer in the world. They overtook Russia and Saudi Arabia.
Natural gas replaced coal to become a top source of electricity in the US. This is due to the abundance of it and its price.
Crude Oil And Petroleum Products: Net Imports
The United States still needs oil from abroad. However, the country exports as much fuels and crude as it imports.