The US had the world’s largest oil production increase – counting total liquids including biofuels – from 2008 to 2011. This is what James Burkhard, Managing Director of energy consultant IHS CERA, characterized as “A Great Revival” in testimony given before the US Senate Committee on Energy and Natural Resources. Download this document, from earlier this year but timely given recent debates over reserves and production, with this post.
The US is experiencing a trend toward decreasing oil demand and increasing production, which is resulting in fewer imported barrels. If the trend continues, the US could reduce its annual oil import bill by $182 billion – equal to about one-third of the entire 2011 US trade deficit. The Great Revival in US oil output is a source of growth and secure production at a time of heightened global oil market anxiety, according to Burkhard.