If I was Saudi Arabia, I’d be shaking in my boots right about now. The reason? America’s shale boom is kicking ass and taking names.
As more energy firms have begun to hydraulic fracking to tap our wonderful geology, oil and natural gas production in the U.S. continues to surge. The sheer amount of energy that these E&P firms have been able to unleash is truly staggering. And what’s more, that amount has managed to crush even some of the most liberal projections of production.
According to data provided by U.S. Energy Information Administration (EIA), U.S. shale oil production averaged around 3.22 million barrels per day in the fourth quarter of 2013. Adding in offshore production and other more traditional fields, that number rises to 7.84 million barrels per day. Overall, that amount is enough to make the U.S. responsible for 10% of the world’s total production.
And that percentage of the world’s total is set to keep growing as places like the Bakken and Eagle Ford keep on pumping out record amounts of crude oil. Which is why investors need to add a dash of U.S. oil stocks to their portfolio. Here are five of the best stocks to buy today to play our rising production.