We are the Targaryens of Oil, the Dragon Riders of Gas, and the Conquistadors of Condensate. Fear us, oil ticks, for our wrath is great, and our reach is long.
Last year, for the fifth straight time, the United States produced more oil and gas than any other country on this planet. That data comes to us courtesy of the Energy Information Administration (EIA):
For the United States and Russia, total petroleum and natural gas hydrocarbon production in energy content terms is almost evenly split between petroleum and natural gas, while Saudi Arabia’s production heavily favors petroleum. Total petroleum production is made up of several different types of liquid fuels, including crude oil and lease condensate, tight oil, extra-heavy oil, and bitumen. In addition, various processes produce natural gas plant liquids (NGPL), biofuels, and refinery processing gain, among other liquid fuels.
American natural gas production has been top in the world for seven years now, and our petroleum production—which includes lease condensate and other liquids in addition to crude—has been second to none for three years.
All credit for this renaissance needs to go to shale producers, who have changed the energy conversation here in the U.S. from one centered around concerns of scarcity to one debate the best ways to use this newfound abundance. As petrostates struggle to cut production to try and push prices up, U.S. companies are seeing output surge once again.