Early September, the US was officially proclaimed as the world’s largest producer of crude oil, usurping any claims by Russia or Saudi Arabia. The last time the US held the position of top producer was 1973. The feat demonstrates how the US shale oil boom has reshaped the global energy landscape.
American oil output has more than doubled over the past decade, due primarily to hundreds of billions of dollars of industry investment and stunning innovation. The achievement is truly that of grassroots America, since the private sector had to overcome US government regulatory barriers and the prohibition of development of public resources. Technological advances dramatically pushed down the cost of production and opened up vast new reserves. US production climbed to nearly 11 million barrels per day throughout the summer. The EIA expects US oil production to stay ahead of Russia and Saudi Arabia through 2019.