The United States is slated to become the world'slargest oil producer by the year 2023, according tothe International Energy Association, or IEA.
The rising demand for oil, said IEA Executive DirectorFatih Birol, has "unleashed a wave of growth fromthe U.S."
American crude production is expected to reach arecord of 12.1 million barrels a day in 2023, up from the current 10.6 million a day. This meanthat the U.S. will out produce Russia, which currently pumps the most oil at 11 million barrels aday.
The American oil boom is being helped by technological advances, improved efficiency and amoderate increase in oil prices that has made shale drilling cost effective.
Moreover, President Donald Trump has reversed a historic number of regulations to allow useof public and private lands to safely develop oil and gas and other energy resources, includingwind and solar.
This means that the United States is getting closer to President Trump's stated goal of energyindependence. U.S. Secretary of State Rex Tillerson said recently that, Our continent hasbecome the energy force for this century, thanks in large part to rapid expansion in naturalgas and tight