The US supply boom

01/06/2014
Data in Oil & Gas Journal's annual Forecast & Review place into useful perspective the oil-supply boom under way in the US (p. 26). In particular, the data can help moderate three misconceptions to which American commentary has an understandable tendency to succumb. According to one of those points of confusion, the US is on the verge of supplanting Saudi Arabia as the world's oil-producing powerhouse. Superficially, data seem to support the claim. This year, according to the Forecast & Review, the US will supply oil and related hydrocarbons at the rate of 13.4 million b/d. Saudi production of crude oil and lease condensate, if late-2013 trends extend through 2014, might avera...
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