The United States, according to the Associated Press, is on track to becoming the world’s largest producer of oil.
The domestic boom has translated into a 7 percent increase in the production of oil and natural gas – an average of 10.9 million barrels a day.
AP reports this year's increase represents the highest jump in domestic oil and gas production since 1951, and based on industry projections, the trend likely wont slow down anytime soon:
The Energy Department forecasts that U.S. production of crude and other liquid hydrocarbons, which includes biofuels, will average 11.4 million barrels per day next year. That would be a record for the U.S. and just below Saudi Arabia’s output of 11.6 million barrels. Citibank forecasts U.S. production could reach 13-15 million barrels per day by 2020, helping to make North America “the new Middle East.”
The last year the U.S. was the world’s largest producer was 2002, after the Saudis drastically cut production because of low oil prices in the aftermath of 9/11. Since then, the Saudis and the Russians have been the world leaders.
Though analysts say the drilling surge won't have much of an impact on pump prices, they do expect 1.3 million jobs will be created over the next 10 years, adding to the industry’s existing 1.6 million workers.
Louisiana, according to a study just released by the U.S. Energy Information Administration, is the nation's fourth leading energy producer, accounting for 4.3 percent of the national share, which primarily comes from natural gas. That same study also notes that Louisiana is the nation's third leading energy consumer.
Click here for the full study by the U.S. Energy Information Administration.
To read the full report by the Associated Press, click here.
Go here to read about the possible impact increased domestic drilling will have on Louisiana's economy in the coming years.
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