The Trump administration has rightly done what it can to encourage greater oil production, from both fracking and conventional drilling. It has granted long-delayed permits for pipelines and opened federal lands and waters for energy exploration, reported the Washington Examiner.
As a result, the road to greater prosperity has widened. Despite setbacks such as a 20-year delay in opening the Arctic National Wildlife Refuge to oil exploration, the nation has gone from importing most of the oil it consumed 15 years ago to nearly becoming a net exporter today. Fewer net barrels of crude oil had to be imported between September and February than in any six-month period for 25 years.
According to Hannity.com:
Energy industry insiders announced Friday that the United States is poised to become the world’ largest oil exporter; surpassing Saudi Arabia for the first time as early as next year.
Citigroup reports that the US currently produces approximately 8.3 million barrels of crude and refined oil per day compared with Saudi Arabia’s 9.3 million barrels.
Expanding American business and energy operations throughout the country are expected to boost those figures within months.
“Saudi Arabia has also trimmed its oil production more than 100 percent of the output cuts it agreed to under the January 2017 production deal. In March, Saudi crude production was at 9.91 million bpd, below the deal’s output target of 10.058 million bpd,” writes OilPrice.
The new projections fulfill a major campaign promise from President Donald Trump, who vowed to open new areas and unleash energy sector businesses to help make the United States energy independent.”