United States becomes #1 Oil Producer in the World - Unseats Saudi Arabia and Russia
Reported by CNN, for the first time since 1973, the United States has "reclaimed its throne in the oil industry." With the US Shale Oil Boom, throughout the summer of 2018, the United States surpassed Saudi Arabia and Russia and became the number one oil producer in the world, pushing out eleven million (plus) barrels of crude oil per day. Toward the end of 2015, the United States Congress lifted an oil ban that was followed for more than forty years, prohibiting America from exporting oil. Today, the US ships crude oil to Europe, China, South America. In the middle of the oil boom in the United States, the state of Texas is taking the front seat, pumping out more oil than Iraq and Iran. Reports show that oil companies are flocking to Texas with a "gold rush mentality." Even with this growth in the oil industry within the United States, it is reported that US Oil Refineries still need oil from foreign nations. However, with this growth does come less foreign reliance, including from nations in the Middle East (a very volatile region) - this boom does bring certain national security implications to the US Government as well as, the real and certain possibility of lower costs at the pump.
Referenced and for more information, please visit: https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
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