million barrels per day
of oil equivalent
According to EIA estimates, in 2016 the United States
was the world’s largest producer of petroleum and
natural gas hydrocarbons. For this we can thank
hydraulic fracturing. Fracking has unlocked vast reserves
of shale and other tight-rock formations to produce an
American energy renaissance that has seen a dramatic
lowering of oil imports, while shifting America from
needing to import natural gas to potentially rank as one
of the world’s leading natural gas exporters.
As a U.S. State Department official put it: “…the U.S. will
be a reliable, market-based supplier to global markets.
And that’s not only good for our energy security. It’s
good for the energy security of our partners and allies
around the world.
“Every barrel of oil or cubic foot of natural gas that we
produce at home instead of importing from abroad means
… More jobs … Faster growth … A lower trade deficit.”
—Jason Furman, Chairman of the Council of Economic
Advisers and Gene Sperling, Director of the National