US oil production is growing at such a pace that it may soon overtake Saudi Arabia as the top oil producer. US oil production peaked in 1970 at 11.7 mbpd. It is now up to almost 10.9 mbpd. This is the fourth yearly increase and a gain of 7% this year is the biggest increase since 1951. If you include biofuels, the production next year will be 11.4 mbpd. The Saudi production is 11.3 mbpd. If there is any pullback by the Saudi's, the US will be the largest producer. Of course, the demand in the US is over 18 mbpd, but, the amount imported as percentage of the current account deficit is declining. The trade deficit drag from importing expensive oil is over.
A peak oil problem seems to be an issue of the past.
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