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Steve McIntosh Report Blog

U.S. oil output could top Saudis'

A recent U-S-A Today story quoting Energy Department figures and forecasts, said the United States could soon overtake Saudi Arabia as the world’s biggest oil producer.
The story says “Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7% this year to an average of 10.9 million barrels a day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.”
Citibank forecasts U.S. oil production could reach as high as 15 million barrels a day by 2020, “helping to make North America ‘the new Middle East’” … easily topping Saudi and Russian output.
Remember that Americans consume nearly 19 million barrels a day. But growth in domestic production and improved fuel efficiency in cars and trucks could make imports fall by the end of the decade.
Our thought for today is from George F. Will:
“The nice part about being a pessimist is that you are constantly being proven right or pleasantly surprised.”

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Topics : Business_Finance
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Locations : Middle East
People : George F. Will

11/02/2012 12:48AM
U.S. oil output could top Saudis'
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