Private oil sector pushes US past Saudi Arabia in output
Funny … despite all the impediments the Obama administration has put on oil production on public land, the private sector – the market – has pushed us into a position we’ve never been in before in terms of output of oil and gas. We’ve passed the Saudi’s in output:
In spite of the Obama Administration’s hostility to carbon-rich energy, private actors with private capital deployed on private (and state) land have launched a game-changing revolution in domestic oil and natural gas production.
A scarcely reported milestone conveys the magnitude of this turnaround in the global energy landscape.
The U.S. passed Saudi Arabia as the world’s largest petroleum producer in November 2012, according to recently released data of the federal Energy Information Administration.
Now, imagine where we’d be if we didn’t have an obstructive administration bent on punishing those producers in that market via high taxation and regulation. Or slow-walking permits for drilling on public land. Or any of a myriad of other things this administration does to try to prevent oil and gas production. Well, other than taking credit for the rise in production when they had nothing to do with it.
Had they gotten out of the way, had they helped us take advantage of these new finds, Saudi Arabia would have been in our rear view mirror a long time ago and my guess is, gas wouldn’t cost what it does today.