Are you curious about who the top oil producers in the world are? With falling oil prices, gas getting cheaper, and OPEC trying to maintain control of the prices, it can be difficult to figure out where the actual supply of oil and gas is coming from. If you had to make a guess on who the top oil producers in the world are, would you guess Saudi Arabia? Iraq? Russia? All wrong! I’ll bet you didn’t guess it was the United States!
If you take into account biofuels and other liquid fuels from gas and oil, the United States is actually the top producer in the entire world. Pretty crazy to think that just a few years ago we were talking about peak oil and how the price would go up forever. With the introduction of better drilling techniques (horizontal) and technologies (fracking), the United States has quickly become a threat to the world oil market.
Saudi Arabia is estimated to have around 260 billion barrels of oil in it’s country. In addition, there are a large amount of other countries that harbor vast amounts of energy resources. Some places in the middle east and Africa have large oil and gas reserves, but access to those reserves is unavailable due to conflict in the region.
With the shift in technologies and the United States taking on a more prominent role on the world Oil market, the price of oil is quickly changing. We’ve seen a lot of news about the price of oil and whether it should be $30 or $100+ and where we are headed next. The truth about the price of oil is that no one really knows where the price will be!
Impact on Mineral Owners in Texas
What does this mean for mineral owners in Texas? If you own mineral rights in Texas, you are in one of the most active oil and gas states in the top oil and gas producing country in the world. Not a bad place to be right! In many countries, the citizens do not own the mineral rights and it’s only the government who can own mineral rights. Consider yourself lucky to be a mineral owner in one of the best oil and gas countries in the world AND in a place where you also have the right to own oil and gas assets.