America First: The Country Is About to Become the Leader in Global Oil Production [The Motley Fool]
WPX ENERGY (WPX)
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Source: The Motley Fool
Rapidly rising shale production has not only reversed decades of decline but positions the country to become the top oil producer this year. In 1967, following the Six-Day War, oil-producing nations in the Middle East limited their oil exports to countries supporting Israel in that war. That forced the U.S. and other embargoed countries into action to ensure they had a steady supply of crude, which included increased drilling for domestic oil. Those ramped-up drilling efforts helped drive U.S. oil production to a peak of 9.6 million barrels per day (BPD) in 1970. However, it was all downhill from there. Output in the country would steadily decline until it hit a low of roughly 5 million BPD right around the time of the financial crisis, which was one of the fuels causing crude to spike to a pinnacle of $147.27 per barrel in July 2008. The sky-high pricing, when combined with some good old American ingenuity, ultimately led to the breakthrough of combining hydraulic fractur
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