(OilPrice) I've said it before, but it needs to be said again: The US is not overtaking Saudi Arabia as the world's largest producer of oil. Here's what everyone needs to know:
This is a trick of numbers: We cannot compare total combined liquid hydrocarbons produced by the US with Saudi Arabia's strictly crude oil production.
The International Energy Agency (IEA)—from whence these numbers originate--is by no means an independent energy body: It has motive and agenda, and it deals mostly in PR
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In October, we were regaled with a brilliant story, "scooped" by The Associated Press, about how the US could overtake Saudi Arabia as the world's largest "hydrocarbon" producer (which everyone immediately translates into crude oil).
This week, we are enjoying the second phase in this public relations gimmick: Not only is this possible now, it's a definite reality.
In the mainstream media, it's hard to find an informative article on this subject.