US may soon become world's top oil producer
NEW YORK (AP) — U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.
The boom has surprised even the experts.
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2 comments:
It might be a little more honest to compare apples to apples. The US produced 6.6 million barrels a day (mbd) of crude oil in the week of 10/12/12 according to the EIA TWIP. It is only when refinery gains and NGL production is included that one reaches the figure of 9.74 mbd that OPEC uses in their Monthly Oil Market Report for the anticipated average US production in 2012.
In contrast Saudi Arabia does not produce the volume of NGL and exports much of its oil as crude, so that the production volume that OPEC reports of 9.85 mbd is just for the crude component (as the table shows). If the refinery gains were included with the Saudi numbers (some of which gains were achieved and counted in the US) then the picture would be somewhat different.
Why the hell is gas still at 4$ a gallon then? :S
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