Analysts say that the oil extraction rate in the US may turn the country into the world’s biggest oil leader, outrunning Saudi Arabia.
Crude oil extraction will increase by 7% to 10.9 million barrels this year. Extraction in late 2012 will equal the rate in 1998. Import will remain at a minimum of 41% set in 1992.
The US Energy Department forecasts extraction rate of 11.4 million barrels daily in 2013, compared with 11.6 million in Saudi Arabia.
