Touching a new zenith of success, the United States of America has added a fresh badge of honor by becoming one of the top producers of crude oil globally.
Joining the league alongside giants like Russia and Saudi Arabia, the US is pioneering the crude oil arena via a new extraction technique called fracking.
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The US is embracing the crude oil industry.
Per a recent report shared by Oil Price, the US has been leading the oil production arena since 2018.
It all started in 2010 when an increased demand for domestic oil compelled the nation to explore “hydraulic fracking.”
In simpler terms, fracking, or hydraulic fracking, is a technique deployed by engineers to extract crude oil from the earth’s surface. The technique entails cracking the surface of the earth open by injecting water, chemicals, and sand at high pressure.
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This stimulation works well with shale formations, particularly in low-permeability rocks. Per the report shared, the United States, Russia, and Saudi Arabia have been touted as leaders leading the oil production industry by relatively small margins over the last three decades.
However, in 2018, the US started extracting shale formations ranging from Texas to North Dakota via fracking. The technique fetched the US substantial success in the field of oil production, making it a leading competitor in town.
“The U.S. accounted for 14.7% of crude oil production worldwide in 2022, compared to 13.1% for Saudi Arabia and 12.7% for Russia.” The report later shared.
However, the country still has a long way to go, considering its top contenders.
“Venezuela has the biggest reserves, with 303,221 million barrels. Saudi Arabia, with 267,192 million barrels, occupies the second spot, while Russia is seventh with 80,000 million barrels.”
Nevertheless, the United States has fetched the seventh position in the global crude oil production domain. This positioning is still impressive considering the strong contenders that the nation is currently dealing with.
The US Economy is Dubbed Robust For a Reason
It isn’t just the crude oil industry that the US has been championing lately. The nation has also reported a striking 3.3% rise in GDP in the fourth quarter of 2023.
With factors like a flexible job market and energy interdependence at play, the US has surpassed resilient economies like Europe to emerge as the ultimate winner by maintaining its economic status quo unharmed and unhinged.
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