Locator: 48114B.
A central plank of former President Donald Trump’s election campaign is that he’ll restore America’s “drill baby drill” energy policy. But new data makes it clear that the U.S. is already drilling for oil and natural gas at a record clip, and is on pace to become even more energy-dominant next year.
The country is widening its lead in oil and gas production, steadily taking market share from the old giants—Saudi Arabia and Russia in oil, and Qatar in natural gas.
Over the next year, the U.S. is on pace to keep growing production, putting the Organization of the Petroleum Exporting Countries and its allies like Russia, in a difficult position. If those countries add more production, it’s likely to cause oil prices to fall, because oil demand growth isn’t keeping pace.
The International Energy Agency said in a report released on Thursday that U.S. production growth is the largest factor keeping oil supplies on the upswing this year. The country is expected to add 740,000 barrels of oil a day to the market this year, accounting for the bulk of the world’s net production growth.
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Musical Interlude
This song / video is so "important" on so many levels.
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