U.S. Shale Production Has Become A “Juggernaut”
With some good-old American ingenuity and a pro-energy President, the United States is making history and assuming worldwide energy dominance in shale production.
While many have said the era of oil and gas is over, the economic data says just the opposite. The U.S. is growing its oil and gas production in large strides, and American workers are reaping the benefits.
We recently told you that under the Trump Administration, the U.S. became a net exporter of oil and refined fuels for the first time in decades. Now, the Financial Times is delving into America’s oil boom.
Oil prices are currently low worldwide, and they’re expected to stay that way thanks to America’s increased oil production, even with volatility in the Middle East.
“The U.S. shale juggernaut is back to traveling at such a pace that it is flattening all other developments in its path,” explains the Financial Times. In fact, the U.S. “smashed” oil production expectations for 2018, and the U.S. shale industry is expanding “at an incredible rate.”
The U.S. is even ending the year as the top crude producer in the world, ahead of Saudi Arabia and Russia.
This means more than just cheaper energy. Oil-dependent nations like Russia and those in OPEC like Iran rely on high oil prices for their budgets. Now that the U.S. is growing its oil production capacity, it’s these countries that feel the pain, while American consumers get the benefits.
America is winning again. What a great Christmas present!