According to the U.S. now leads the world in oil and gas production, with exports strengthening its geopolitical clout. While the sector faces long-term challenges like maturing reserves and competition from China’s clean energy push, innovation, exploration, and investor-friendly policies could extend U.S. leadership in global energy well into the 2030s. They write:
On more than one measure, the US is already dominant. US oil production – including crude, condensate and natural gas liquids – has risen nearly three-fold over the past 15 years and now accounts for 20% of all global supply. US natural gas production has doubled since 2005 and now makes up a quarter of global output. In fact, the US now produces more hydrocarbons than its two largest competitors combined, and its dominance of world production is set to increase over the next decade. […]
Nevertheless, the US could preserve – and even extend – its global dominance of oil and gas production by reinvigorating the factors that allowed shale to break through in the first place. Innovation, exploration and favourable regulation could lead to stronger production than we are currently forecasting.[…]
Thanks to the boom of the past 20 years, the US now produces more oil than Saudi Arabia and more gas than Russia. Indeed, including natural gas liquids (NGLs) such as ethane and propane, the US now produces more oil and gas than Saudi Arabia and Russia combined.
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