7:30am

Wed October 24, 2012
Business

U.S. Closing In On Saudi Arabia's Oil Production

Transcript

STEVE INSKEEP, HOST:

NPR's business news begins with an American oil boom.

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INSKEEP: The United States could soon overtake Saudi Arabia as the world's biggest oil producer. The Associated Press reports new drilling methods have boosted U.S. oil production 7 percent this year alone. And next year, the Energy Department sees American output falling just shy of Saudi Arabia's 11.6 million barrels per day. Industry analysts predict that by 2020, North America could be the new Middle East. Transcript provided by NPR, Copyright NPR.