Introduction
Oil production in the United States has been rising steadily over the past decade, and this year is no exception. The US is now among the world’s largest producers of crude oil, and the total production by year is expected to reach an all-time high in 2023. This article will examine the US oil production by year and discuss the factors driving this growth.
Factors Driving Growth in US Oil Production
The first factor driving the increase in US oil production is advances in technology. Advances in fracking, horizontal drilling, and other technologies have made it possible to tap into vast new reserves of oil that were previously inaccessible. This has allowed American companies to increase their production significantly.
The second factor driving growth is increased investment from foreign companies. Foreign companies have been investing heavily in US oil production in recent years, as the US is seen as a safe and reliable source of oil. This influx of foreign capital has allowed US oil companies to expand their operations and increase their production.
The third factor driving growth is the increase in demand for oil. As the world economy continues to grow, demand for oil has been rising steadily. This demand has allowed companies to increase their production to meet the growing demand.
US Oil Production By Year
In 2018, the US produced 10.9 million barrels of crude oil per day, making it the third-largest producer of crude oil in the world. In 2019, US oil production increased to 12.2 million barrels per day, making it the second-largest producer of crude oil in the world. This number is expected to increase to 14.2 million barrels per day in 2023, making the US the largest producer of crude oil in the world.
The Impact of US Oil Production on the Global Market
The increase in US oil production has had a significant impact on the global oil market. US producers are now able to supply more oil to the global market, which has helped to reduce the price of oil. This has been beneficial to consumers worldwide, as lower prices have made it more affordable to purchase oil.
The increase in US oil production has also had an impact on the global balance of power. As the US has become a larger producer of oil, its political and economic influence has grown. This has allowed the US to become a major player in the global oil market.
Conclusion
US oil production by year total is expected to reach an all-time high in 2023. This growth is being driven by advances in technology, increased investment from foreign companies, and increased demand for oil. The increase in US oil production has had a significant impact on the global oil market, as US producers are now able to supply more oil to the global market. This has helped to reduce the price of oil and has allowed the US to become a major player in the global oil market.