The United States is poised to overtake Russia as the world’s largest oil-producer within the next five years; drastically increasing production and opening new areas for energy development under President Trump and the Republican-controlled Congress.
According to the Wall Street Journal, American crude oil capacity is expected to reach a record level of 12.1 million barrels a day by 2023; an increase of nearly 2 million barrels per day from current levels.
“The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday,” writes WSJ.
The prediction will place the US ahead of all other nations including Russia, who currently leads the world in crude oil output at approximately 11 million barrels per day.
President Trump announced his administration’s decision to expand new territories for American oil exploration earlier this year, opening 26 previously banned locations to energy businesses seeking to exploit under-utilized areas in the Arctic, Pacific, and Atlantic Oceans.