U.S. set to surpass Saudi Arabia in ‘remarkable’ milestone

U.S. set to surpass Saudi Arabia in ‘remarkable’ milestone

[Ed. – Or maybe not so remarkable.  We’re sitting on an ocean of oil, and we discover more of it each decade.  The world’s nations have been managing oil for decades as if severely-limiting “peak oil” estimates from the 1950s (and their offshoots in ensuing decades) were a valid driver. But reality has shown that they’re not. The technology to both recover and discover the oil has improved exponentially over the last 60 years.]

The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.

That milestone, driven by the transformative shale boom, would make the United States the world’s leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.

“It’s nothing short of remarkable,” said Ryan Fitzmaurice, energy strategist at Rabobank. “Ten years ago, no one thought it could happen.”

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Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.

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