U.S. Tops Oil Production Report - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

U.S. Tops Oil Production Report

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The U.S. has long been the largest consumer of oil, but now it's also the world's biggest oil producer.  A new report says the U.S. has surpassed all other countries this year in oil production.

Move over OPEC there's a new top oil producer in the world.

"The U.S. is becoming such a large producer now, and OPEC used to control the price of oil in the world," says Eugene Graner of Heartland Investor Services.

Bank of America Corp. says the U.S. has outpaced all other countries by producing 11 million barrels in the first quarter.

"Of course the conversation is, is this going to continue for the next few years? And there are many believing that we are going to be producing up to 19 million barrels per day in this country in the not so distant future in the next five years," says Graner.

The study cites the shale booms like the Bakken for contributing to the increase in production.

"Oil and gas production in North Dakota of course is reaching record amounts and not only in North Dakota but across the country and on a world status now as we've recently passed the one million barrel mark," says Ron Ness of the North Dakota Petroleum Council.

And this study could support lifting the countries long standing ban on exporting crude oil to other markets.

"The advantage to the consumer is you want to hear about exporting oil, because that can help bring down that price of general oil and that brings down gas at the pumps," says Ness.

The country can now lay claim to overtaking countries like Saudi Arabia and Russia in terms of crude production, and the U.S. has also been the largest natural gas producer since 2010.

Ness says North Dakota's oil production has led to honing technology that's been used in other shale plays across the nation. And he says McKenzie and Williams Counties together produce more oil than Alaska or California.





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