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
Daniel Yergin said that This is a 180-degree turn for the United States and the impacts are being felt around 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.
12 million barrels a day Russia 10 Saudi Arabia United States 8 Crude oil production 6 Iraq 4 Canada Brazil 2 0 ’12 ’13 ’14 ’15 ’16 ’17 JAN. 28, 2018
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.
Domestic production last year averaged 9.3 million barrels a day, and the Energy Department projects
that the figure will climb to 10.3 million barrels a day this year, surpassing the record set in 1970.
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.
The Energy Department projects that the recent surge will hold the price of Brent crude, the global benchmark, to $60 a barrel in 2018
and $61 a barrel in 2019 — a modest increase from $54 last year.
Experts note that when oil climbs to $60 a barrel and higher, as it has lately, a drilling rush commences — the national rig
count has climbed by over a third in the last year — promising to refill domestic and even global energy inventories.