According to statistics from the International Energy Agency in June, the U.S. is now the biggest oil and natural gas liquids producer in the world, surpassing even Saudi Arabia and Russia. The shale boom is playing a big role. It is fortunate that we were able to access this means of oil extraction when we did, because if not, our prices at the pump would be highly unaffordable.
It has been predicted by multiple agencies, namely the International Energy Agency, that the U.S. will hold its position as top oil producer into the 2030s, and likely plateau after that point. As for now, production growth for the U.S. has exceeded expectations compared to production outside of the U.S., while our output is set to continue to increase for the second half of the year.
Annual investment in the country in oil and gas is also at an all-time high, at a record $200 billion. Francisco Blanch, the Bank of America Corporation’s head of commodities research, expands on this, remarking that there is a “very strong linkage between oil production growth, economic growth and wage growth across a range of U.S. states”, and the U.S. could potentially have daily exports of as much as 1 million barrels of crude, including 300,000 of condensate, by the end of the year.