Thanks Bruce for the link and reminder about how others are zeroing in.
Another energy milestone: ‘Saudi America’ was the world’s largest petroleum producer in June for the 20th straight month
Mark J. Perry | September 30, 2014, 11:30 am
 The Energy Information Administration (EIA) released new data this week on international energy production for the month of June, and here are some highlights of that update:
1. For the 20th month in a row starting in November 2012, “Saudi America” took the top spot again in June as the No. 1 petroleum producer in the world. Also, for the 20th straight month,total petroleum production (crude oil and other petroleum products like natural gas plant liquids, leased condensate, and refined petroleum products) in the US during the month of June at 14.03 million barrels per day (bpd) exceeded petroleum production in No. 2 Saudi Arabia(11.61 million bpd), see chart above.
2. During the 2004-2008 period before America’s shale oil and gas boom started, Saudi Arabia routinely produced 2–3 million more barrels of petroleum products per day than the US (see blue arrow in chart). But since America’s shale revolution started around 2009 when America’s “petropreneurs” starting accessing oceans of shale oil and gas with revolutionary drilling and extraction technologies, there has been a surge of nearly 63% in the supply of petroleum produced in the US, and America surpassed Saudi Arabia at the end of 2012 to become the world’s No. 1 petroleum producer. In June, production of US petroleum products (14.03 million bpd) exceeded Saudi Arabia’s output (11.61 million bpd) by more than 2.4 million bpd (see red arrow in chart), which is the biggest difference in favor of the US during the 20 year history of international production data from the EIA (see chart).
Bottom Line: The EIA data on international petroleum production through June provides more evidence that America’s shale energy revolution is taking the US from “resource scarcity” to a new era of “resource abundance.” The US now consistently produces more “total oil supply” than Saudi Arabia (by more than 2.4M bpd in June) and has led the world in petroleum production for 20 straight months. This energy bonanza in the US — described as the “energy equivalent of the Berlin Wall coming down” — would have been largely unthinkable even six years ago. But then thanks to revolutionary drilling techniques developed by American “petropreneurs,” vast oceans of shale oil and gas have been accessed across the country, making the US the world’s No. 1 petroleum producer for 20 months running.
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Tags: Great American Energy Boom, Saudi America, Shale oil |
