According to reports, the United States is all set to become the world’s leading oil exporter for the first time in over sixty years by overtaking Saudi Arabia. As per Rystad Energy, America will be taking over Saudi Arabia in the export of oil along with other energy goods such as natural gas liquid and petroleum products.
This is the first time that the US will be achieving such a milestone ever since Saudi Arabia started exporting oil to other countries in the 1950s. Energy strategist Ryan Fitzmaurice said, ‘It’s nothing short of remarkable. Ten years ago, no one thought it could happen.’ The power shift has been attributed to the ‘shale boom’ that has made Texas the main hub of America’s oil trade.
Technological breakthroughs also get some credit since thanks to the drilling innovations, massive bands of oil trapped in shale oilfields all over America have been accessed. By focusing shale-based fuel – a sedimentary rock that is organic rich – the US oil production has doubled over the last decade. Also factor in the fact that the Production at the Permian Basin located in West Texas has reached an all-time high, the US is pumping out more oil than any other country in the world.
Fitzmaurice further said, ‘The shale boom has driven incredible increases in production. US production is off the charts.’ Congress lifted a 40-year old ban on oil export in 2015, and that has led to an exponential increase in international sales all. States located on the US’ Gulf Coast are struggling to create more infrastructures for keeping up with the increasing demand for the US crude.
As of right now, Saudi Arabia exports seven million barrels of crude oil per day with two million barrels of natural gas liquids and petroleum products. In comparison, the US exports three million barrels of oil and five million gas and petroleum barrels. The difference will be overcome by the US by the end of this year. Nonetheless, Saudi Arabia will remain the leading crude oil exporter specifically.
Rystad’s report says, ‘Increasingly profitable shale production and a robust global appetite for light oil and gasoline is poised to bring the US to a position of oil dominance in the next few years.’ However, environmental experts are saying that catastrophic problems for the climate are being brought about with this oil drilling. Where will the US settle? Will it be for the betterment of climate or will the US continue to run the race that is harming the Earth? What do you think?