The United States is slated to become the world'slargest oil producer by the year 2023, according tothe International Energy Association, or IEA. Therising demand for oil, said IEA Executive DirectorFatih Birol, has unleashed a wave of growth from theU.S. American crude production is expected to reacha record of 12.1 million barrels a day in 2023, upfrom the current 10.6 million a day. This means that the U.S. will out produce Russia, whichcurrently pumps the most oil at 11 million barrels a day.

The American oil boom is being helped by technological advances, improved efficiency and amoderate increase in oil prices that has made shale drilling cost effective. Moreover, President Donald Trump has reversed a historic number of regulations to allow use of publicand private lands to safely develop oil and gas and other energy resources, including wind andsolar.

This means that the United States is getting closer to President Trump's stated goal of energyindependence. U.S. Secretary of State Rex Tillerson said recently that, Our continent hasbecome the energy force for this century, thanks in large part to rapid expansion in naturalgas and tight oil production.

U.S. Secretary of the Interior Ryan Zinke stressed that opening up of new lands to energyexploration also includes “stewardship” of the environment. Indeed, he noted that the U.S. isembarking on its largest investment in its public lands and the park system in the history of thiscountry, and it's going to be funded from energy.

In a recent discussion forum, U.S. Secretary of Energy Rick Perry noted the importance ofallowing the private sector to develop the oil and natural gas sectors. Rapid growth in theproduction of Liquefied Natural Gas has enabled the U.S.to become a net exporter. As a netexporter, the U.S. is not just exporting energy, but freedom, said Secretary Perry. You thinkabout what that means around the world, that… people who we want to be our allies, now knowthat because of American energy coming to their shores, they are free from countries thatwould. . .put those values that those countries have in jeopardy.