America becomes the world's LARGEST oil producer after overtaking Russia and Saudi Arabia for the fi

[mystery-ak]

America becomes the world's LARGEST oil producer after overtaking Russia and Saudi Arabia for the first time in 45 years

    US pumped more crude oil than Russia or Saudi Arabia this year, analysts say
    It marks the first time since 1973 that America has topped global oil production
    America is expected to remain at the top of the chart throughout next year
    Soaring production follows development of fracking and the shale oil boom

By Chris Pleasance for MailOnline

Published: 06:27 EDT, 20 September 2018 | Updated: 07:55 EDT, 20 September 2018

   

America has risen to the top the list of oil-producing countries for the first time in more than four decades, analysts believe.

The US overtook Saudi Arabia for monthly crude oil production back in February and likely surpassed Russia some time in June or August, new data shows.

It comes after the development of fracking led to a boom in shale oil production while massively reducing drilling costs.



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https://www.dailymail.co.uk/news/article-6188437/America-worlds-LARGEST-oil-producer.html

[IsailedawayfromFR]

Fantastic.

We have a lot less mineral resources than either of those two, yet our human resource ingenuity is far greater to accomplish this milestone.

[Frank Cannon]

Awesome! Now let's do oil embargos on some of these pain in the ass countries just for fun.....

[thackney]

Fantastic.

We have a lot less mineral resources than either of those two, yet our human resource ingenuity is far greater to accomplish this milestone.

I believe it is mostly driven by the individual ownership of mineral rights.  The ability of the individual and not just the state to profit has driven our industry.

[IsailedawayfromFR]

I believe it is mostly driven by the individual ownership of mineral rights.  The ability of the individual and not just the state to profit has driven our industry.

Are you suggesting that a company makes a different level of profit here in the US (hence more and better wells) when a mineral interest owner is privately owned vs state or federal owned?

[thackney]

Are you suggesting that a company makes a different level of profit here in the US (hence more and better wells) when a mineral interest owner is privately owned vs state or federal owned?

No.  I am saying that the ability to work with owners rather than just the state has given far more opportunity for the oil producers.  Especially the ability for a "little guy" to start a business into production.  Or a rancher to invest in producing his own.

Read through this and see what you think.

http://www.ieneurope.com/pdf/Mineral.pdf

[IsailedawayfromFR]

No.  I am saying that the ability to work with owners rather than just the state has given far more opportunity for the oil producers.  Especially the ability for a "little guy" to start a business into production.  Or a rancher to invest in producing his own.

Read through this and see what you think.

http://www.ieneurope.com/pdf/Mineral.pdf

Good article and am in agreement with it.

Your comment is referencing placing more money into the hands of the 'little guy' and those who own land to do other things with the money, all of which separates us from the rest of the world.

What I was trying to figure out was your comment that the ingenuity displayed in the oil sector was mostly the result of private ownership.

I think what you are conveying is that the higher amount of profitability for a producer here in this country and consequential motivation to extract more oil enables more entrepreneurship that would not be as prevalent elsewhere.

That makes sense to me.  It also makes sense to me that simple higher crude prices accomplish most of the same thing.

Higher prices are a big motivation.

[thackney]

Good article and am in agreement with it.

Your comment is referencing placing more money into the hands of the 'little guy' and those who own land to do other things with the money, all of which separates us from the rest of the world.

What I was trying to figure out was your comment that the ingenuity displayed in the oil sector was mostly the result of private ownership.

I think what you are conveying is that the higher amount of profitability for a producer here in this country and consequential motivation to extract more oil enables more entrepreneurship that would not be as prevalent elsewhere.

That makes sense to me.  It also makes sense to me that simple higher crude prices accomplish most of the same thing.

Higher prices are a big motivation.

I see it more as bringing far more players into the game.  That alone brings in more willing to take risks and wanting to find new ways.

[IsailedawayfromFR]

I see it more as bringing far more players into the game.  That alone brings in more willing to take risks and wanting to find new ways.

Good point, am in agreement with that.

But isn't that what capitalism is all about?