October 24, 2012
U.S. May Overtake Saudi Arabia as Top Oil Producer
Jonathan Fahey, Associated Press
U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 per cent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.
TAGGED: oil, United States, Saudi Arabia