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Finding Cheap Oil in the 21st Century: Some Go Back to Basics

By Mitchell Posner

It was less than three years ago when the IEA predicted that by 2020, the US would pump past Saudi Arabia to become the world’s largest oil producer, and a net exporter by 2030.

Today, it seems farfetched. Let’s consider what happened and what it says about the future. The IEA isn’t run by idiots and indeed, oil production was rocking. According to the Energy Information Administration (EIA), US crude output rose from 5.5 million barrels per day in 2010 to 7.5 million barrels in 2013, and as 2016 began, to 9.2, , an increase of 3.7 million barrels per day in what can only be considered the relative blink of an eye.

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Mitchell Posner
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