U.S. becomes world's biggest oil producer
...the latest government figures just showed that in April the United States produced a new record amount of oil per day — a stunning 12.16 million barrels of oil every 24 hours.
That’s up another quarter-million barrels a day from March and the third straight monthly increase, according to the U.S. Energy Information Administration.
Of more significant interest, the oil production jump makes the United States the world’s largest producer of oil, ahead of the usual slippery suspects like Saudi Arabia and Russia.
All of which is excellent news. A healthy domestic energy industry helps insulate country from supply shocks, moderating prices domestically and around the world. It also makes the U.S. much less dependent upin the whims of foreign oil producers, who are no strangers to using hydrocarbons as weapons.
Will the U.S. continue to be the world's leading producer? That depends on market forces, as well as domestic political considerations (namely, regulations). But we will enjoy being at the top of the list -- and remembering how some said getting here was impossible.