Hoeven: U.S. Projected to be World's Largest Oil Exporter, Due in Part to Shale Oil Revolution in States Like North Dakota
WASHINGTON – Senator John Hoeven today issued the following statement after Rystad Energy released a report projecting that the U.S. is likely to be the world’s largest exporter of oil, natural gas liquids and petroleum products, surpassing Saudi Arabia and Russia by the third quarter of this year. In addition, the nation is set to export more energy than it imports in 2020, the first time since 1953, according to a recent report from the Energy Information Administration (EIA).
“North Dakota is a huge part of the growth in U.S. oil production,” said Hoeven. “When I started as Governor, North Dakota was producing less than 100,000 barrels of oil per day. Now our state’s production has grown to more than 1.4 million barrels of oil per day, second only to Texas. This renaissance in energy production is helping drive our strong economy and enhances our national security by reducing our reliance on exports from hostile regimes and less stable regions of the world. Further, it demonstrates that through innovation and a pro-growth business climate, which includes regulatory certainty, we can go head-to-head with anyone around the globe, including OPEC, which competes for access to the refineries on our east coast.”
During his time as Governor of North Dakota, Hoeven named the state’s energy industry as a pillar of growth and launched the EmpowerND initiative. This comprehensive, all-of-the-above approach to energy development encouraged investment in the Bakken as well as the deployment of new drilling techniques that unlocked the energy potential of the region.
Then as U.S. Senator, Hoeven on a bipartisan basis to repeal the ban on oil exports, which he helped secure as part of year-end legislation in 2015. Hoeven continues working to advance priorities like regulatory relief, technology development and investment in energy infrastructure that will allow the nation to produce more energy with better environmental stewardship, building on past successful efforts.
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