U.S. to Overtake Russia as World’s Top Oil Producer by End of 2018, According to IEA

The International Energy Agency said strong growth in shale output will allow the U.S to become the world’s leader in crude production.

The IEA said U.S. output will exceed 11 million barrels-per-day by the end of the year, while Russia’s production is currently just below that mark.

This report comes after the U.S. surpassed Saudi Arabia as the world’s second largest oil producer last year as U.S. crude output rose above 10 million barrels-per-day for the first time in several decades.

Despite the positive forecast, experts warn the rising U.S. output could bring down global oil prices due to a possible surplus.

http://www.oann.com/u-s-to-overtake-russia-as-worlds-top-oil-producer-by-end-of-2018-according-to-iea/

https://www.youtube.com/watch?v=Z96ZiaQbwqw

Lets hope so, Oil Price more than doubled from $29.78 Jan 2017 a barrel to $64.73 Jan 2018

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Graph for some greater context over time. Recent years has witnessed spike in production. Right now with projections that by 2020 be at 12 million barrels showing the effect of shale on the market.

"Just a decade ago, our net imports were 60 percent of total demand. Now, they're 20 percent," said Yergin. U.S. oil production, in fact, was half of what it is now a decade ago, during the financial crisis in 2008. But the high oil prices of 2008 were also the catalyst that propelled the U.S. shale industry, which has used evolving new technologies to extract oil from places once thought impossible."

Hopefully this will lead to lower gas prices. Lower gas prices help everyone.

Unless you're  a teacher. Then you get a gun. 

Does that mean the Librarians get silencers?

For how long? Do they have the same kind of reserves as Russia and SA?

Shale oil is much more expensive to produce than standard oil drilling. Which means that if the price drop too much (I think remembering under something like 45$ per barrel for shale oil, while it's less than 20$ for standard petrol drilling), it's exploitation would cost more than they could earn on it, and of course production would then be halted by the producing company until the price rises again above production price. This of course will result in layoffs, even though they may just be temporary.

Another problem is that the US economy is more reliant on the petrol, so if the price drops the income of the United States and it's GDP will be strongly affected by a lower oil price.

I dare everyone who is happy about that to watch the movies Samsara, Baraka and Koyaanisqatsi.

Really sad development. Egoistic and ignorant, especially since a lot of this involves shale oil from oil sands.