Thanks to American innovation and a massive shale oil boom in Texas, the United States is set to become the world’s number one producer of oil by the fall.
The massive boon to American oil independence is rooted in Texas, which houses major oilfields in the Permian Basin in the West and Eagle Ford in the South.
In fact, on its own, Texas is set to surpass Iran and Iraq — both members of the Organization of the Petroleum Exporting Countries (OPEC) — by next year, predicted a recent HSBC report. Sitting as the world’s number three producer of oil, Texas would be behind only Saudi Arabia and Russia. Moreover, by 2019, the Lone Star state is expected to provide the U.S. with over half her oil production at 5.6 million barrels a day. Daily production in Iraq is predicted to be at 4.8 million barrels a day; Iran at 3 million barrels.
“It’s remarkable,” Bob McNally, president of consulting firm Rapidan Energy Group, told CNN Money. “The Permian is nothing less than a blessing for the global economy.”
American technological advances and innovation have enabled the industry to crack “the code on fracking,” added McNally.
Currently, the U.S. produces an estimated 10.3 million barrels a day, on a trajectory to hit 11 million barrels daily by the fall. “At that level of output, the U.S. would be the world’s top producer,” notes The Blaze. “Russia currently pumps 10.6 million barrels a day, and Saudi Arabia pumps about 10.1 million, according to the report.”
With the U.S. producing more of it’s own oil, we’re far less dependent on foreign imports from the Middle East. “It’s not going to make the world peaceful, but it will make it less volatile,” McNally explained.
On Friday’s “The Glenn Beck Radio Program,” conservative host Glenn Beck explained that it is capitalism that helped enable the U.S. to advance fracking technology to overtake OPEC’s metaphorical assault. “OPEC tried to kill us. This is really so underreported. OPEC and the Russians and the Saudis — they ramped up oil production back in 2014 to drive the frackers out of business,” he said, adding, “We had invented technological breakthroughs that made fracking cheaper and more efficient.”
“What, if anything, has ever been accomplished under socialism or communism? Did the Soviet Union ever go to the moon? What has Venezuela ever invented?” he asked, smacking Democrats’ heightened open affinity for socialism.