A geopolitical backlash awaits America and the world from shale drillers who have superior advantages in reshaping global-energy markets.
According to the International Energy Agency (IEA), the United States will surpass Saudi Arabia and Russia with record oil production topping over ten million barrels a day (mbp) while approaching eleven mbp faster than analysts expected. Figures that haven’t been seen since the Nixon administration and fracking wasn’t used on the wide scale basis that’s currently taking place for exploration and production (E&P). Daniel Yergin, economic historian and author of The Prize: The Epic Quest for Oil, Money and Power, states:
This is a 180-degree turn for the United States and the impacts are being felt around the world. This not only contributes to U.S. energy security but also contributes to world energy security by bringing new supplies to the world.
Shockingly, the U.S. Census Bureau in early February reported that the U.S. exported roughly seven hundred thousand barrels of light domestic crude in December 2017 to the United Arab Emirates. The Energy Information Administration (EIA) iterated the significance by pointing out the U.A.E. is the fourth-largest OPEC producer and first time importer of U.S. oil. The U.S. net oil imports hover close to or under three mbp, whereas in 2006 the United States imported over twelve mbp. The EIA reports that by 2029 the United States “could become a net petroleum exporter from rising crude exports and overseas sales of refined petroleum products such as gasoline.”