US CRUDE oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday (Mar 11). Read more at The Business Times.
Context is important though. The reason that the US is now such a huge fuel exporter is because of oil crises in the past. The government realized how dependent the US is on oil and handed out huge subsidies and land grants to produce its own oil and not be dependent on other, not so friendly countries. The side effect of all that production is now huge corporate profit from the excess production.
I don’t disagree, there was a time the objective of the policy was understandable. Then the big corporations came in and everything went down hill fast. smh