Arthur J. Villasanta – Fourth Estate Contributor
Washington, DC, United States (4E) – The United States is now the world’s largest oil producer — albeit temporarily — for the first time since 1973.
The Energy Information Administration (EIA) said the U.S. produced more than 11.3 million barrels a day in August, a 4% increase over the old record set in July. Russia, the erstwhile top producer, pumped 11.2 million barrels a day in August while Saudi Arabia produced 10.4 million barrels a day.
U.S. oil supplies jumped by 2.1 million barrels from August 2017, the largest increase since 1920, according to EIA. U.S. oil production might reach 16.5 million barrels a day by 2030.
EIA said several states hit record production in August, including Texas, which accounts for about 40% of U.S. crude. Oil companies boosted shale drilling in Texas, Colorado and other states in response to a 48 percent rally in prices. U.S. Gulf of Mexico production hit a record high.
Russia, however, looks set to retain top spot. In September, Russia produced 11.37 million barrels a day and might have produced more than 11.4 million in October. Saudi Arabia and Russia pledged to pump more oil to offset the loss of supply from Venezuela.
Net crude and refined fuel imports to the U.S. sank to a record low 1.2 million barrels a day last week, and could dropl to zero by 2019.
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