The Reemergence of the United States as a Global Petroleum Producer

Abstract

In May 2013, domestic production of petroleum in the United States surpassed imports for the first time since January 1997. The fact that domestic production has outpaced imports is not some random occurrence, but rather the culmination of trends that have been in motion for a number of years. Imports of petroleum have been declining over the last 7 years, while domestic production has undergone a significant revival. According to a forecast by the International Energy Agency, “The United States will overtake Saudi Arabia to become the world’s biggest petroleum producer before 2020, and will be energy independent 10 years later.”