Shale oil and natural gas resources in the United States, coupled with new extraction technology, have positioned the country as an emerging energy leader.
In an annual energy outlook for 2013, published late last year, the U.S. Energy Department said crude oil production should increase 234,000 barrels of oil per day through 2019. The report said U.S. crude oil production should reach 7.5 million bpd by then.
Jack Gerard, president and chief executive officer at trade group API, called on the White House and congressional leaders to ensure policies are enacted so that the boom can continue.
"We have a game-changing opportunity to make the U.S. the global leader in energy," he said in a statement. "If we seize the opportunity now, we will be positioned to lead for decades and realize the economic and energy security benefits of that leadership."
API last year pressed the White House to unlock more oil and natural gas acreage. In a November report, however, the trade group said October petroleum deliveries, a reflection of demand, was down 2.3 percent compared to the same time last year. This demand benchmark for October 2012 was down to its lowest level since 1995.