Over the past decade, from 2004 to 2014, something happened: the miracle of hydraulic fracturing. Because of fracking, the world now pumps more oil than it did a decade ago. During the past decade the price for a barrel of oil went sky high. Now, according to the popular narrative of the day, the price of oil has “collapsed” because we’re swimming in “too much oil.” Who woulda thunk? (Side note: the price for a barrel of West Texas Intermediate crude in 2004 was $41.50. Today? About $43. So much for a price “collapse”–it’s more like a “price maintenance.”) For a while some people, like the now thoroughly discredited Art Berman, peddled the “peak oil” theory–that the world was running out of oil and would soon be paying $200 a barrel or more (see Peak Oil Theorist Art Berman Says Shale Gas is Peaking Too). So much for those theories. A decade ago the world was pumping 64.1 million barrels of oil equivalent per day (boepd)–that is, oil and the energy equivalent in natural gas. Today? The world is pumping 80.4 million boepd. So who are the world’s 21 largest oil and gas producing companies? We have the list below…
