For the past couple of weeks, Shale Plays Media has been recapping the biggest topics of 2014. From carbon emissions regulations to exports, we’ve covered it all. But there’s one topic that’s missing, which brings us to our final story: The United States officially became the #1 oil producer on the globe in 2014.
Energy independence has been a weighty topic in recent years, and the U.S. is certainly taking it to heart. This year saw continued growth in the Bakken, Eagle Ford, Permian, and Marcellus shale plays. Reports this year revealed that the U.S. surpassed Saudi Arabia and Russia to become the world’s biggest oil producer. At 12.31 million barrels per day, the U.S. produced 13.67 percent of the world’s oil, according to Investopedia.
The amped-up oil production led to milestones all over the nation for both oil and natural gas plays. Most notable of all were the milestones reached in the Bakken and Eagle Ford formations. Although the Permian play leads the nation’s daily production numbers, both the Bakken and Eagle Ford surpassed a million barrels per day, highlighting record growth in the oil and gas industry. North Dakota also hit a production total of 1 billion barrels, further proof that the boom was truly booming. The Eagle Ford followed suit in November.
Despite the global supply glut, the fervent growth in the U.S. oil and gas industry, joined by a renewed push for green energy, indicates that the nation is closer than ever before to energy independence. The country became less dependent on foreign energy resources, and levels for U.S. energy imports were at their lowest in 26 years. Oil reserves in the nation also hit a 40-year high, giving many in the industry hope for prolonged economic prosperity and energy independence.
With such forward momentum, what might 2015 bring for the oil and gas industry?