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Energy Department Estimates US Is Now World's Top Oil Producer

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Energy Department Estimates US Is Now World's Top Oil Producer
A report from the Energy Information Administration estimates the U.S. will produce an average of nearly 11 million barrels a day by the end of 2018.
SHOW TRANSCRIPT

The U.S. is now the world's leading producer of crude oil, according to estimates by the Department of Energy. 

A report from the Energy Information Administration estimates the U.S. will produce an average of nearly 11 million barrels a day by the end of the year. That estimate puts the U.S. out-producing both Russia and Saudi Arabia for the first time in years. 

Shale oil extraction and fracking have contributed to the U.S. oil boom, a large portion of which as been in Texas. CNN reports the state is on track to produce more oil than Iraq and Iran.

Despite the boom, the U.S. still imports large amounts of foreign oil due to high demand.

Additional reporting from Newsy affiliate CNN.