(OilPrice) PIRA, a leader in worldwide energy market analysis, has recently announced that the US has finally surpassed Saudi Arabia as the largest oil producer in the world, after an explosion in the use of hydraulic fracking created the largest oil boom in nearly 40 years, only beaten by the production boom in Saudi Arabia between 1970 and 1974.

The US remains the largest consumer of crude oil and liquid fuels in the world, but the plethora of cheap oil being produced domestically, of which total output has grown by 3.2 million barrels a day since 2009, has actually allowed it to begin exporting gasoline and other distilled fuels.

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