For seven years running, the U.S. has led every other country in oil and gas extraction. The U.S. Energy Information Administration (EIA) predicts that the gap will only get wider, making the U.S. “the undisputed oil and gas leader in the world over the next several decades.”
One reason for this is that new technology is making hydrocarbon pools that had been unprofitable to extract profitable. Add to that Russia and Saudi Arabia pulling back production in an effort to raise prices.
The EIA estimates that the U.S. pumped some 30 million barrels of oil per day in 2017, an all-time high. That accounted for all hydrocarbons such as natural gas and crude oil. This output places U.S. far ahead of Russia and Saudi Arabia. U.S. natural-gas production went ahead of Russia in 2008 and Saudi Arabia’s oil production in 2013. In the last 10 years, American petroleum and natural-gas production rose 60 percent.
This came about because of new fracing and drilling technology. It made it cheaper to extract US shale oil and natural gas. This was at the same time consumption remained the same. That meant U.S. could meet more of domestic needs. Canada met 40 percent of imports. That brought down gas brought in from the Persian Gulf for own consumption, while relying on Canada for most (40 percent) of its imports. Petroleum imported from Persian Gulf countries now accounts for just 1.74 million barrels per day—or 17 percent of all imports.