The Energy Information Administration reported on 11-1-2018 that the US has become the world’s largest producer of crude oil. This moves the US ahead of Russia. The US produced more than 11.3 million barrels a day in August, 2018, a four percent increase over the record set in July.
I remember during the oil embargos in the early 1970’s that experts were predicting that the world’s oil supply would be depleted by the year 2000. Here we are 18 years later and the world is awash in crude oil. The moral of the story is that new technologies have extended the amount of time that the world has to continue pumping out crude oil. Technology has not only changed the energy sector but it continues to change our lives on a daily basis.