Forbes | Robert Rapier
Since 2008, the majority of new oil production has come from the U.S.
Unbeknownst to most people, oil producers were experimenting with a marriage between two established oil drilling technologies — horizontal drilling and hydraulic fracturing. The success of this marriage would unlock oil in tight oil and shale oil deposits that had previously been too expensive to recover, and would result in one of the greatest oil booms the world had ever seen. In fact, the “fracking revolution” caused U.S. oil production to turn upward in 2009, and then rise over the next seven years at the fastest rate in U.S. history. While it is still true that OPEC still produced 42.6% of the world’s oil in 2017, the majority of new oil production since 2008 has come from the U.S.