The United States has overtaken Saudi Arabia to become the world’s biggest oil producer as the jump in output from shale plays has led to the second biggest oil boom in history, according to leading U.S. energy consultancy PIRA.
U.S. output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009, the fastest expansion in production over a four-year period since a surge in Saudi Arabia’s output from 1970-1974, PIRA said in a release on Tuesday…
Last month, China surpassed the United States as the largest importer of crude, according to the U.S. government, as the rise of domestic output cuts the U.S. dependence on overseas oil.
“(The U.S.) growth rate is greater than the sum of the growth of the next nine fastest growing countries combined and has covered most of the world’s net demand growth over the past two years,” PIRA Energy Group wrote.
Three quick thoughts:
1. People don’t often think of United States as having lots of oil though the natural resources within the US have been important throughout its history. With this new information, does this change how US residents and others around the world view the US? Does it then change how the US views the Middle East and other nations with lots of oil?
2. The article notes that this was the fastest production increase in over four years. The average person may not be terribly aware of this but those opposed to fracking should be able to use this info: this is quite a rapid change.
3. When will peak oil really arrive? One article recently suggested this oil boom is not the last; there is more untapped oil in the oceans. As the article suggests, this supply may make it even more difficult to talk about the impact of oil on the environment.