US Edges Saudi as World's No. 1 Oil Producer

The world's biggest oil producer isn't Saudi Arabia or any other Middle Eastern country — it's the United States.

The United States has taken over the No. 1 position, according to a report from Bank of America.

A bank analyst told Bloomberg News the shale oil boom is playing a key role in America's economic recovery, and that if the country didn't have this energy supply, prices at the pump would be completely unaffordable.

One key reason for the increase in U.S. energy is fracking, a process used to extract oil from shale rock formations.

Nevertheless, many environmentalists oppose fracking and are pushing for regulations in some towns to stop the practice.