Report finds U.S. has passed Saudi Arabia as world’s largest oil producer

The United States has unseated Saudi Arabia as the world’s largest oil producer, according to a recent report by Bank of America.

The United States produced 11 million barrels of oil in the first quarter of 2014, which amounted to more crude oil and liquids separated from natural gas produced than any other country in the world, Bloomberg reports.

House Energy and Commerce Committee Chairman Rep. Fred Upton (R-Mich.) said the benefits of the United States being the world’s largest oil producer are clear.

“America has achieved the unthinkable in surpassing Saudi Arabia in oil production, and the benefits of this energy abundance are clear – more jobs, lower prices and greater global energy security,” Upton said. “Now that we have emerged as an energy superpower, the next step is ensuring we have the right policies in place to take full advantage of our energy leadership.”

The boom in the shale gas industry has become one of America’s biggest economic drivers, according to Bank of America.

“The shale boom is playing a key role in the U.S. recovery,” Bank of America’s Head of Commodities Research Francisco Blanch said. “If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”

The House recently approved the North American Energy Infrastructure Act and the Domestic Prosperity and Global Freedom Act to help drive the country’s energy production.

The North American Energy Infrastructure Act, introduced by Upton and Rep. Gene Green (D-Texas), would streamline the approval process for pipelines and transmission lines that cross international borders.

The Domestic Prosperity and Global Freedom Act, introduced by Rep. Cory Gardner (R-Colo.), would expedite the Department of Energy’s approval process for liquefied natural gas exports.