Discussion: (3 comments)
Comments are closed.
A public policy blog from AEI
View related content: Carpe Diem
The Energy Information Administration (EIA) released new data on Friday for international energy production during the month of July. For the ninth straight month in a row starting last November, total petroleum production (includes crude oil and other petroleum products like natural gas plant liquids, lease condensate, and refined petroleum products) in “Saudi America” at 12.4 million barrels per day (bpd) in July exceeded petroleum production in Saudi Arabia, which produced 11.94 million bpd (see chart above). Also for the ninth month in a row, “Saudi America”: a) took the top spot as the world’s No. 1 petroleum producer during the month of July, and b) produced more petroleum products in July than the combined petroleum output of all of the countries in Europe, Central America, and South America at 12.11 million bpd. America’s output of more than 12 million bpd in July marked the fourth straight month that total petroleum production in the US has exceeded 12 million bpd. Further, the amount of oil products produced in July at 12.4 million bpd was the highest output of petroleum products ever recorded, according to EIA data going back to 1980.
July’s record-setting petroleum production is more evidence that America’s Shale Revolution is taking us from “resource scarcity” to a new era of “resource abundance” as the US now consistently produces more petroleum products than Saudi Arabia, and for nine straight months has led the world in petroleum production. This energy bonanza in the US — described as the “energy equivalent of the Berlin Wall coming down” — would have been largely unthinkable even five years ago. But then thanks to the revolutionary drilling and extraction techniques (hydraulic fracking and horizontal drilling) developed by a small group of America’s “petropreneurs,” we’ve unlocked vast oceans of shale oil and gas across the country and the US has been the world’s No. 1 producer of petroleum for nine months running. Welcome to The Great American Energy Boom.
Comments are closed.
1150 17th Street, N.W. Washington, D.C. 20036
© 2016 American Enterprise Institute for Public Policy Research