Saudi Arabia May Lose Title of Top Oil Producer to the US
Charlotte McLeod - October 23rd, 2012
The Wall Street Journal reported that in a few years the United States may oust Saudi Arabia from its position as the world’s top oil producer.
The Wall Street Journal reported that in a few years the United States may oust Saudi Arabia from its position as the world’s top oil producer.
As quoted in the market news:
U.S. production of oil and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. Energy experts say that within just a few years, the United States could top the Saudis.
Even if that happens, the U.S. will still need to import lots of oil to meet demand. Americans use 18.7 million barrels per day.
Click here to read the full report from The Wall Street Journal.