Oil Boom Gives the U.S. a New Edge in Energy and Diplomacy

Oil Boom Gives the U.S. a New Edge in Energy and Diplomacy
“This is a 180-degree turn for the United States and the impacts are being felt around the world,” said Daniel Yergin, the economic historian and author of “The Prize: The Epic Quest for Oil, Money and Power.” “This not only contributes to U. S. energy security
but also contributes to world energy security by bringing new supplies to the world.”
Forecasts show that the United States could surpass Saudi Arabia as an oil producer this year, with output exceeding 10 million barrels a day.
This year, the United States is expected to surpass Saudi Arabia
and to rival Russia as the world’s leader, with record output of over 10 million barrels a day, according to the International Energy Agency.
million barrels a day
At the same time, the United States is becoming a major exporter of natural gas, another outgrowth
of the shale revolution, undercutting Russian energy dominance over Eastern Europe.
Now the U. S. has gained the leading position in the world oil market regardless of what OPEC does.”
“This displacement of Saudi oil, Nigerian oil, Libyan oil and Venezuelan oil,” Mr. Ortiz concluded, “was never anticipated.”
A week ago, OPEC leaders met in Oman to discuss a probable extension of production cuts into 2019 to support prices.
The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States.
Technological advances unlocking oil from tight rocks like shale has led to a drilling frenzy enabling a doubling of
output in a decade, transforming unlikely places like North Dakota and New Mexico into world class petroleum hubs.