The International Energy Agency said on Monday that the United States is expected to produce a record 12.1 million barrels per day in 2023, up from 10.6 million this year. America will surpass Russia, which currently produces 11 million barrels per day, according to the IEA.
“We are getting it done – jobs and security!” Trump tweeted in a message along with the Wall Street Journal report.
In early January, Trump moved to open nearly all offshore waters to drilling, New York Times reported. Trump’s proposal would lift a ban on drilling off the coast of California and open up more than a billion acres along the East Coast and in the Arctic.
Interior Secretary Ryan Zinke said the five-year plan (pdf) was part of “a new path for energy dominance in America,” The New York Times reported. Oil industry leaders applauded the proposal.
“I think the default should be that all of our offshore areas should be available,” Thomas J. Pyle, president of the American Energy Alliance, told New York Times. “These are our lands. They’re taxpayer-owned and they should be made available.”
Obama’s proposal banned drilling in 94 percent of the outer continental shelf, the area between state coastal waters and the deep ocean. The United States lost billions of dollars as a result, Zinke said, adding that Trump’s proposal would open up 90 percent of all leasable waters.
The United States was once reliant on oil imported from the Middle East to meet domestic demand but is now getting closer to its goal of producing enough oil for domestic needs for refined products like gasoline.
U.S. oil production grew every decade and reached record levels in the 1970s, according to the U.S. Energy Information Administration. Production declined steadily from 1985 to 2008, rebounded from 2008 to 2015, and declined again in 2016.
According to The Wall Street Journal, the U.S. oil and natural gas boom is helped by technological advances and improved efficiency. Rising oil prices are also encouraging shale companies to ramp up drilling.
“The No. 1 overall message, non-OPEC supply growth is very, very strong, which could change the parameters for the oil markets in the years to come, led by the United States, but also Brazil, Canada and Norway,” IEA Executive Director Fatih Birol said Monday according to the Journal.
Recommended Video: President Trump’s First State of the Union Address