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The U.S. is poised to emerge as the largest oil producer in the world by 2019, overtaking Russia. The U.S. Energy Information Agency (EIA) forecasted that U.S. output would exceed 11 million barrels per day (BPD) by late 2018. The increased exploration and production provides consumers with greater supply security and more affordably priced energy.

The uptick represents an unprecedented level of traditional American energy production, higher than the last record set in 1970, when production peaked at 9.6 million barrels per day. The rise in production can be credited to the expansion of fracking and horizontal drilling, which increased in use by 50 percent over the course of a decade, starting in 2006.

So how does this impact you and your family? Simply put, American energy production means lower consumer prices, allowing people to keep more of what they earn. This robust growth strengthens leverage with foreign energy powers during unstable periods, when restrictions on production and supply can provoke a shock that creates higher energy prices.

Please visit the Development section of Power in Cooperation to learn about how oil and natural gas goes from being extracted from the ground to improving the quality of life and producing economic benefits.



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