The United States wants to surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to research firm Rystad Energy.
"It's nothing short of remarkable," said Ryan Fitzmaurice, energy strategist at Rabobank. "Ten years ago, no one thought it could happen."
Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now offers more oil than any other country, including Russia and Saudi Arabia.
"The shale boom has driven incredible increases in production," said Fitzmaurice. "US production is off the charts."
"Excess fossil fuels from America wants to be plenty of eager buyers in fast-growing Asia," Per Magnus Nysveen, senior partner at Rystad Energy, wrote in the report.
Saudi Arabia currently exports about 7 million barrels of crude oil, along with 2 million barrels of natural gas and petroleum products, according to Rystad. By comparison, the US exports about 3 million barrels per day of crude oil and another 5 million barrels per day of natural gas liquids and petroleum products.
Rystad expects that to vanish this year, even though Saudi Arabia would keep a comfortable lead
The Permian Basin of West Texas has become the epicenter of the shale boom.
"Increasingly profitable production and a robust global appetite for light oil and gasoline is poised to bring the US to a position of oil dominance in the next few years, "said Nysveen.
National security, environmental implications
That dominance means that the United States can increasingly rely on oil pumped at home.
That has important national security implications. While the United States wants to make it to oil, it's no longer than it takes to make oil. Meanwhile, China is importing more oil than ever before.
But US energy dominance carries environmental risk.