U.S. is the World’s Largest Oil Producer for the First Time Since 1973 U.S. is the World’s Largest Oil Producer for the First Time Since 1973 – NTK Network

U.S. is the World’s Largest Oil Producer for the First Time Since 1973

"It's an historic milestone and a reminder: Never bet against the US oil industry."

By NTK Staff | 09.13.2018 @2:00pm
U.S. is the World’s Largest Oil Producer for the First Time Since 1973

The United States of America is the world’s largest oil producer, passing over Russia and Saudi Arabia, according to preliminary estimates released by the Energy Department on Wednesday.

This is the first time since 1973 that America has held the top spot, and it’s in large thanks to the U.S. shale oil boom in Texas. Experts expect the U.S. to remain on top through 2019.

According to CNN:

“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.”

“It’s an historic milestone and a reminder: Never bet against the US oil industry,” Bob McNally, the president of Rapidan Energy Group, a consulting firm, said.

The boom in oil production can largely be attributed to the Permian Basin of West Texas, which “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.”

Texas is expected to produce more oil than either Iran or Iraq, making the Lone Star state the third-largest oil producer in the world if it were its own country.

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