The Rise of US Oil Production

The United States emerged as the largest oil producer in the world in 2018 and became a net exporter for the first time since the 1940s. This transformation was driven by advancements in hydraulic fracking technology, which allowed for the profitable extraction of oil from previously inaccessible shale formations. The Permian Basin in Texas and the Bakken Formation in North Dakota exemplify this dramatic increase in production, with Texas alone accounting for 43% of U.S. oil output. The country's newfound oil independence has significantly enhanced its position in global energy markets, reducing its reliance on unstable foreign suppliers.