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U.S. May Soon Become World's Top Oil Producer

(AP) Jonathan Fahey - U.S. oil output is surging so fast that the U.S. could soon overtake Saudi Arabia as the world's biggest producer. 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 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951. The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons will average 11.4 million barrels next year. That would be a record for the U.S. and just below Saudi Arabia's 11.6 million barrels. Citibank forecasts U.S. production could reach 13 million to 15 million barrels per day by 2020, helping to make North America "the new Middle East."
2012-10-24 00:00:00
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