U.S. Is Set to Become World’s Top Oil Producer

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The U.S. government sees oil production further climbing next year even amid transportation logjams in the country’s most prolific shale play.

The Energy Information Administration sees U.S. crude output averaging 11.8 million barrels a day in 2019, up from its 11.76 million barrel a day estimate in the June outlook.

“In 2019, EIA forecasts that the United States will average nearly 12 million barrels of crude oil production per day,” said Linda Capuano, Administrator of the EIA. “If the forecast holds, that would make the U.S. the world’s leading producer of crude.”

U.S. crude output has remained above the 10-million-barrel a day mark since February. That’s while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter. – READ MORE

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According to the Washington Examiner, Trump signed an executive order on Tuesday which explicitly revoked and undid what had been put in place by an Obama executive order issued in the aftermath of the spill which placed much of the Gulf off limits to oil exploration and drilling.

Trump’s executive order, titled “Ocean Policy to Advance the Economic, Security, and Environmental Interests of the United States,” appeared aimed at promoting economic development of domestic energy production of the abundant natural resources found in the Gulf.

The order noted how important and “foundational” the oceans, coasts and lakes of America are to the “economy, security, global competitiveness, and well-being of the United States.”

“Ocean industries employ millions of Americans and support a strong national economy. Domestic energy production from Federal waters strengthens the Nation’s security and reduces reliance on imported energy,” the order noted.

“Our Armed Forces protect our national interests in the ocean and along the Nation’s coasts. Goods and materials that support our economy and quality of life flow through maritime commerce. Our fisheries resources help feed the Nation and present tremendous export opportunities. Clean, healthy waters support fishing, boating, and other recreational opportunities for all Americans,” it continued. – READ MORE

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