Since corporations are now global, I’m a little skeptical of the notion of “energy independence” as it is often sold to the public. But one thing is for sure, the United States has plenty of petroleum to go around. And it is set to become the world’s largest producer of petroleum in spite of policies of its federal government.
The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector.
US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries.
With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991.