This great graphic comes from Mark Perry's Carpe Diem blog
, which I saw on the American Enterprise Institute website. It shows that last November,
the US' oil production surpassed Saudi Arabia's for the first time in almost a decade.
Perry notes that the Energy Information Administration states that last year Saudi Arabia was the largest producer and exporter of petroleum and other liquids at 11.6 million barrels per day. It estimated US output at 11 million barrels per day, putting it in second place for the year.
See more from Marc Chandler at his blog Marc to Market.
Of course there is much fluctuation on a month to month basis and this coupled with what we noted earlier (record US petroleum exports in December
) is a sign of things to come. The financial crisis may or may not be a game changer in terms of the global political economy, but the cheap energy story in the US is a game changer and the full ramifications are still being contemplated.
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