U.S. Closing In On Saudi Arabia's Oil Production

The AP reports new drilling methods have boosted U.S. oil production 7 percent this year. And next year, the Energy Department sees American output falling just shy of Saudi Arabia's 11.6 million barrels per day. Industry analysts predict that by 2020, North America could be "the new Middle East."

Copyright © 2012 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

STEVE INSKEEP, HOST:

NPR's business news begins with an American oil boom.

(SOUNDBITE OF MUSIC)

INSKEEP: The United States could soon overtake Saudi Arabia as the world's biggest oil producer. The Associated Press reports new drilling methods have boosted U.S. oil production 7 percent this year alone. And next year, the Energy Department sees American output falling just shy of Saudi Arabia's 11.6 million barrels per day. Industry analysts predict that by 2020, North America could be the new Middle East.

Copyright © 2012 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.