Long before Russia’s invasion of Ukraine, inflation was rearing its ugly head in many facets of America’s economy.  Last January, prices at the pump were already up nearly 50% from the same time in 2021.

While most are aware that Russia was Europe’s main energy supplier, many would be surprised to know that the largest oil producer in the entire world is not Saudi Arabia, but the United States.

The United States produces more than 20% of the world’s global oil supply.  Russia and Saudi Arabia combined produce just a smidge more, at 23%. (Chart from chartr.co)

When I saw this and the date 2020, I did some more research and found a more up to date breakdown. What was frustrating for me was to see the decline in the USA number by 60%.

2022 Top 10 Countries with the Highest Oil Production (bpd)

  1. United States– 11,567,000
  2. Russia– 10,503,000
  3. Saudi Arabia– 10,225,000
  4. Canada– 4,656,000
  5. Iraq– 4,260,000
  6. China– 3,969,000
  7. United Arab Emirates– 2,954,000
  8. Brazil– 2,852,000
  9. Kuwait– 2,610,000
  10. Iran– 2,546,000

Sources: Crude Oil Production; Statistical Review of World Energy 2021 – BP; Petroleum and Other Liquids – U.S. Energy Information Administration; Crude Oil Production – CIA World Factbook

Wondering what part of the cause of our current economic recession, not to mention “rolling blackouts” during this cold snap, might be?… asking for a friend.

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