If there's one thing you can count on, take to the bank or bet the farm with, it's American ingenuity. Our freedom and drive is responsible for taking us to the moon, inventing personal computers, the internet, smartphones… almost every major transformative invention and jump in technology over the past six decades has a red, white and blue eagle flying tattoo on it.
When the Soviets challenged us in space, we doubled down and landed on the moon. But yesterday's moonshot is today's oil rush. And Americans are rising to the challenge in the same way they did back in the 60s. OPEC tried to kill American fracking companies back in 2014. The Saudis and Russians figured that if they ramped up oil production they'd drive the frackers out of business. Fracking is effective, but it's expensive. At first the plan was working, but in 2016 something happened. U.S. oil rigs began coming back online. Oil production shot back up. OPEC was baffled. How were these yankees beating us? The answer? American ingenuity. We invented technological breakthroughs that made fracking cheaper and more efficient.
Here are the present day results. As of last month, U.S. oil production hit a record high. We're pumping out over 10.7 million barrels a day. We just leapfrogged the Saudis who are pumping 10.4 million. Russia is number one at 11.1, but U.S. production is set to be near 12 million by next year. We will be the number one producer of oil by 2019.
The state of Texas alone is projected to put out 5.6 million barrels a day in the next 12 months. That's more than Iraq AND Iran. If Texas were its own country, it would be the number three oil producer… in the entire world.
The state of Texas alone is projected to put out 5.6 million barrels a day in the next 12 months.
And some people question American exceptionalism. Politicians within our own country from the rising socialist left are claiming we'd be better off under a different system. Tell me, would any of what we've accomplished have ever been possible under socialism or communism? Did the Soviet Union ever go to the moon? Has Venezuela ever invented… well anything? China's a big socialist communist country. Why aren't they knocking on the door of world's largest oil producer? Why didn't they invent the smartphone or create the internet? Because if there's any credibility to what these new American Democratic Socialists are saying, countries like China, Venezuela, Norway… even France or the UK should have accomplished WAY more than what we have.
But none of them have come even close. And it's all due to our freedom. It's all due to the free market. Take a bow America. You continue to change the world and make it a better place... one innovation at a time.