Lifting the U.S. ban on oil exports would send OPEC a message

Lifting the U.S. ban on oil exports would send OPEC a message

Los Angeles Times | December 16, 2014 | by Chris Faulkner

OPEC has good reason to feel threatened. The U.S oil business is experiencing an unprecedented production boom thanks to hydraulic fracturing, or fracking. According to the Energy Information Administration, U.S. oil production has risen to 9.08 million barrels a day — its highest level in more than 30 years. The United States has already overtaken Saudi Arabia, OPEC’s dominant member, as the world’s largest producer of petroleum liquids — which includes natural gas — according to the International Energy Agency. In the last three years, oil and gas production has grown faster here than in any other country in history. This energy boom has revitalized America’s economy, supporting more than 2 million jobs and contributing $283 billion to U.S. gross domestic product.

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