The U.S. is pumping record quantity of oil, overreaching Russia to become the biggest producer of crude globally. The EIA (Energy Information Administration) recently stated that the U.S. generated more than 11.3 million barrels per day in August, which is a 4% increase over the old record that was set in July.
Energy Ministry of Russia predicts that country pumped nearly 11.2 million barrels per day in August. Whereas, the OPEC (Organization of the Petroleum Exporting Countries) reported that Saudi Arabia pumped about 10.4 million barrels per day. This is the first time from 1973 that the U.S. has topped in the oil production internationally. Many states hit record production in August counting Texas, which alone contributes to about 40% of the U.S. crude. The energy agency reports that pipeline bottlenecks in New Mexico and Texas are leading to much use of rail cars and trucks to haul oil. According to EIA information for 2015, the U.S. also ranks first in production of natural gas. Russia is the only close competitor to the U.S. in the natural gas category. According to 2016 information from the EIA, the U.S. ranked third, behind the world’s clear leader China and India.
On a similar note, recently it was announced by the government officials that the country is set to become a prime source of global energy supplies. The country’s top energy diplomat stated that the U.S. would meet increasing demand worldwide with its innovation in technology and financing ready to expand US’ oil and gas generation in the next decade. Frank Fannon—Assistant Secretary for the ENR (Bureau of Energy Resources)—said that in the next 5–10 Years, the country anticipates seeing improvement in recovery rates and an increase in some of the most prolific gas basins.