The output of oil in the United States will surpass that of Russia and Saudi Arabia by the year 2025.
Remember the bad old days with Democrats in charge saying that we can’t drill our way out of high prices? I guess we can put that lie to bed. We haven’t even touched 3 of the biggest oil reserves we now know about.
When we do, we will dominate the worlds oil market. By 2025, the United States is expected to be drilling 24 million barrels a day as long as the price remains at an average of fifty dollars a barrel or more.
Back in September, the US reportedly became the world’s largest producer of oil –
The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.
U.S. crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana.
Oil and Gas Investor.com released their numbers a week ago and oil is king in the US –
The U.S. is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said Jan. 24.
U.S. liquids output is expected to surpass 24 million barrels per day (bbl/d) over the next six years, Rystad said, assuming average U.S. crude prices of $58 a barrel during the period.
The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said.
“U.S. growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive U.S. production tendencies will persist,” Rystad analyst Artem Abramov said.
U.S. edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.