The International Energy Agency raised its US outlook for 2018 to 260,000 barrels a day, bringing the total to a record 10.4 million barrels a day. Should that happen, American output will have shot past Saudi production and will be just behind the Russian Federation as the world’s leading oil producer according to the Wall Street Journal. This comes as oil prices have rallied in recent months, a strong indicator of economic growth. 
 
OPEC attempted to raise oil prices last year by cutting production, but American production increases offset 60% of OPEC’s cut. OPEC’s total production before the cuts reached 39.6 million barrels a day; this means that American production will surge past 25% of OPEC’s combined oil production. This comes as the Trump Administration is planning to expand access to offshore oil drilling off the Atlantic and Pacific coasts, which is sure to boost production even more. 
 
The fracking revolution has brought America much closer to its goal of energy independence, as we currently consume approximately 19.69 million barrels a day, which means our current production meets roughly half of our energy needs.  In so doing, President Trump is strengthening American power to counteract Russian expansion, and support our allies with energy partnerships so Russia can no longer threaten Europe’s energy supply. As the Trump Administration continues to ease Obama era regulations such as the moratorium on offshore drilling, the President is bringing Americans closer to say when we trade with OPEC by choice and not a necessity. 

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