The petroleum industry refers to the ethane and propane by-products of using fracking methods for extracting oil from shale deposits as “related liquids”. And now, if those “related liquids” are included, U.S. production will exceed that of Saudi Arabia for the first time since 1991, at over 11.5 million barrels (about 483 million gallons) per day. Moreover, according to THIS article at the Financial Times (behind a paywall), U.S. production of oil itself is edging closer to the daily production of Saudi Arabia, and is within spitting distance of Russia’s. Saudi Arabia, however, is still the only country which is producing at far less than their capacity.
Increased U.S. production has played a part in lowering prices at the pump here in the U.S. this summer. However, the overall strengthening of the dollar has also played a role. While the value of the dollar has risen, the values of the Euro and Yen have fallen, causing many to believe that the Federal Reserve will be raising interest rates after the election. For more on this, check out THIS article at the online Wall Street Journal (unfortuanately, also behind a paywall).