The United States is poised to overtake Russia as the world’s largest oil-producer within the next five years; drastically increasing production and opening new areas for energy development under President Trump and the Republican-controlled Congress.
According to the Wall Street Journal, American crude oil capacity is expected to reach a record level of 12.1 million barrels a day by 2023; an increase of nearly 2 million barrels per day from current levels.
“The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday,” writes WSJ.
The prediction will place the US ahead of all other nations including Russia, who currently leads the world in crude oil output at approximately 11 million barrels per day.
President Trump announced his administration’s decision to expand new territories for American oil exploration earlier this year, opening 26 previously banned locations to energy businesses seeking to exploit under-utilized areas in the Arctic, Pacific, and Atlantic Oceans.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: American Jobless Claims PLUMMET to 45 YEAR LOW
The US economy continues to soar under President Trump and the Republican-controlled Congress, with jobless claims dropping to just 221,000 in the first days of February; the lowest figures seen since March of 1973.
The 45-year-low signals the American recovery is in full-swing following years of low GDP growth and stagnant wages. Economists cite the recent gains as a direct result of a strong job growth and the President’s recently signed overhaul of the nation’s overly complicated tax system.
According to MarketWatch, the stunning numbers are a result of “big declines” in unemployment claims in Missouri, California, and New York; a result of 200,000 new private payroll jobs in January and an unemployment rate hovering at just 4.1%.
“Even better, the long-awaited uptick in worker wages might be in the offing. The yearly increase in hourly pay rose to a nine-year high of 2.9%,” MarketWatch adds.
The rosy economic outlook comes as major American corporations -such as AT&T, Walmart, Disney, Starbucks, American Airlines, Home Depot, FedEx, UPS, Visa, and others- announced their plans to raise wages, expand benefits, and pay out big bonuses in the wake of the GOP-led tax cuts late last-year.