U.S. Oil Production to Level with Saudi Arabia?

Brian Hicks

Written By Brian Hicks

Posted October 25, 2012

If you’ve been following the domestic energy scene, you likely know about the shale revolution that is transforming the face of North American oil and gas. Now, things may go to a whole new level—the U.S. could surpass Saudi Arabia as the world’s largest oil and gas producer.

High prices and increasingly efficient—if not uncontroversial—methods of drilling mean domestic production of crude and associated hydrocarbons this year will rise by nearly 7 percent. That’ll mark the fourth straight year of such increases, not to mention the largest single-year jump since 1951, ABC News reports.

According to the Energy Department, next year we’ll be seeing 11.4 million barrels of crude and associated hydrocarbons per day, putting us nearly level with Saudi Arabia. The long-term effects would be immense—the U.S. could shed its historic position as net importer of crude and instead become an exporter.

In a tough economy, the oil sector has been hiring frantically. And that’s not something that is only restricted to oil and gas jobs; the ripple effect has already impacted the heavy machinery sector, along with a variety of other industrial sectors that are indirectly involved in the supply chain for oil and gas.

Matt Ferguson, CEO of the online careers portal CareerBuilder, told ABC:

“Technology hiring is a big contributor for growth in the Bay Area and Raleigh and while Texas cities, Oklahoma and Salt Lake are benefiting from strong oil and gas activity, the rebound in manufacturing helped to land Detroit in the top ten while healthcare continues to thrive in Phoenix.”

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