U.S. Poised to Become World’s Largest Oil Producer [AUDIO]
NEW JERSEY 101.5
Domestic oil production continues advancing to the point that we are poised to overtake Saudi Arabia as the king of crude.
The International Energy Agency says because of oil shale production from 'fracking,' the U.S. will surpass the Saudis by 2015 as the globe's top oil producer.
Patrick DeHaan, Senior Petroleum Analyst with GasBuddy.com, says we're on top, but oil is a finite resource.
"For the time being, it has led to a huge increase in the amount of oil being produced domestically," DeHaan explained. "But like all oil sources, they can't run forever."
DeHaan cites North Dakota as one example of this sharp domestic production increase. He says oil production from shale in North Dakota has resulted in a ten-fold increase in oil in just that one state.
Because of huge shale deposits under Pennsylvania and New York, that production will remain high for the time being.
The IEA predicts the U.S. oil lead will begin fading in the 2020's.
DeHaan says the sharp domestic production increase is also helping lower gas prices in a big way.