AP had a story earlier this week saying the US could surpass Saudi Arabia as the world’s top oil producer. Not so fast, says Washington Post’s Brad Plumer:
U.S. crude oil production has increased dramatically in the past year, thanks to a drilling boom in places like North Dakota. That’s helped the U.S. reduce its imports. But we’re not likely to catch up to Saudi Arabia anytime soon. What’s more, Saudi crude is generally cheaper and easier to produce than America’s “unconventional” oil from shale rock. That gives the Saudis enormous sway over oil markets.