U.S.Will Overtake Saudi Arbia as World Leader in Oil
We see gas prices going up and down a lot these days and we wish the United States would drill for more oil and start easing out of our dependency on foreign oil, that day may be closer than we think. It may not seem like the oil industry is doing anything when we see $4.00 a gallon gas at the pump but America’s oil output is moving so fast, we should overtake Saudi Arabia as the world’s leading producer. Five years ago no one would have predicted this but with the high prices of fuel and the U.S drilling more and developing new drilling methods, the boom is a surprise, even to the experts.
The Energy Department forecasts a rise in oil production next year to 11.4 barrels a day, up from 10.9 barrels a day this year. With that output, The United States would only be .2 million barrels a day behind Saudi Arabia and by 2020 the U.S. output could reach 15 million barrels a day making us, what USA Today says will be, ‘the new Middle East’. The U.S will still need to import oil since we use 18.7 million barrels a day, but it should bolster the economy quite a bit. With new drilling in North Dakota, Oklahoma, Montana, Wyoming and other states, 1.3 million jobs will be created by the end of the decade.
The question is, ‘will it lower our gas prices?’ Not really. We may see a small down-turn at the pump but not much, what it will do is keep the price of gas from going much higher and create many jobs for Americans.