HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » If this was posted, I mis...

Wed Oct 24, 2012, 09:50 AM

If this was posted, I missed it. US Oil Boom? AP article

http://www.theday.com/article/20121024/NWS13/310249946/1044

U.S. seeing oil boom


By JONATHAN FAHEY AP Energy Writer

Publication: The Day

Published 10/24/2012 12:00 AM

Updated 10/24/2012 12:05 AM

COMMENTS (0)







May soon surpass Saudi Arabia as world's biggest producer



New York - 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.

"Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm.


The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons, which includes biofuels, will average 11.4 million barrels per day next year. That would be a record for the U.S. and just below Saudi Arabia's output of 11.6 million barrels. Citibank forecasts U.S. production could reach 13 million to 15 million barrels per day by 2020, helping to make North America "the new Middle East."


The last year the U.S. was the world's largest producer was 2002, after the Saudis drastically cut production because of low oil prices in the aftermath of 9/11. Since then, the Saudis and the Russians have been the world leaders.

0 replies, 306 views

Reply to this thread

Back to top Alert abuse

Reply to this thread