U.S. Oil Production Nears All-Time High Under Trump U.S. Oil Production Nears All-Time High Under Trump – NTK Network

U.S. Oil Production Nears All-Time High Under Trump

For years, the industry seemed to be on "an irreversible downward path," but it's turned around in recent years.

By NTK Staff | 01.02.2018 @1:30pm
U.S. Oil Production Nears All-Time High Under Trump

A new report from The Washington Post says that oil production in the United States “is flirting with record highs heading into the new year,” due to shale technology and “the oil-friendly Trump administration.”

Oil production declined for decades, scaring experts into believing that the United States was running out of the critical resource:

“For years and years, we thought we were running out of oil,” [Senior Vice President at the Center for Strategic and International Studies Frank] Verrastro said. “It took $120 for a barrel of oil to make people experiment with technology, and that has been unbelievably successful. We are the largest oil and gas producer in the world.”

But fracking has turned the trend around, allowing drilling companies to reach remote pockets of oil and gas underground. Through fracking, drilling companies dig sideways after puncturing the ground, and they use high-pressure water streams to fracture rock formations, hence: “fracking.”

The process, while controversial with environmentalists, has brought economic dividends to the United States. Using the process, oil companies have returned production levels to the years prior to the oil crisis of the late 1970s.

The Trump administration’s “oil-friendly” policies have compounded the fracking boom. The Post writes that GOP efforts may push oil production even higher:

The oil-friendly Trump administration has approved the controversial Keystone XL pipeline and is reportedly considering loosening offshore oil drilling regulations.

The Republican tax bill that President Trump signed into law Dec. 22 allows oil drilling in the Arctic National Wildlife Refuge in Alaska, a potentially rich pool but a move that conservationists oppose.

The business environment is so friendly under President Trump that even Saudi Arabia, the world’s largest oil exporter, is considering investing in American petroleum production.

Sign Up

for NTK updates every week.