President Donald Trump’s America First energy policy has catapulted the United States to the world’s largest global crude oil producer, according to the Energy Information Administration (EIA).
EIA’s Short-Term Energy Outlook (STEO) report states preliminary estimates show the U.S. feasibly overtook Saudi Arabia and Russia to become the top crude oil producer earlier this year. The report notes U.S. crude production in February outstripped Saudi Arabia’s for the first time in over 20 years. Further, U.S. crude production in June exceeded Russia’s crude oil output for the first time since February of 1999.
EIA data signals the U.S. will maintain its position as the world’s largest global crude oil producer through 2019.
“U.S. crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana,” STEO principal contributors Tim Hess and Candace Dunn write.
In 2014, a drop in oil prices caused U.S. crude oil companies to trim overhead and downsize production.
As Breitbart News’ Simon Kent reported in June, the EIA forecasted the U.S. would soon surpass Saudi Arabia and Russia to reclaim its title as the world’s largest oil crude producer — a position in last held in 1974. President Donald Trump over the summer called on Saudi Arabia to increase crude oil production to counter rising prices. “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!” the president tweeted.
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!
— Donald J. Trump (@realDonaldTrump) June 30, 2018
In a March report, the International Energy Agency predicted U.S. crude oil production will grow considerably over the next five years. The Paris-based intergovernmental body forecasted U.S. production of crude oil, natural gas, and condensates will increase from 13.2 million barrels per day to 17 million barrels, increasing American’s global supply of oil to approximately 80 percent.