US Oil Production Hits 7 Milllion Barrels Per Day For The First Time Since March Of 1993

Thursday, January 10, 2013 07:27
edit
US Oil Production Hits 7 Milllion Barrels Per Day For The First Time Since March Of 1993

Tags: energy | oil | outlook

Seven million barrels of oil per day. That’s what US oil production was in March of 1993. It’s also US oil production for the week ended January 4, 2013.
 
Oil production in North Dakota increased 40% last year. It increase 23% in Texas and 11% in Utah.

This Website Is For Financial Professionals Only


 
Last year saw the fastest oil production increase in US history. Hydraulic fracturing (fracking) and horizontal drilling unleashed formerly trapped oil in formations such as the North Dakota Bakken shale formation.
 
The International Energy Agency in Paris stated in November that the US is on track to surpass oil production in Saudi Arabia by 2020.
 
Production for 2013 per day is projected to be 7.32 million barrels and for 2014, 7.92 million barrels.
 
Last year, North Dakota’s oil production overtook that of Ecuador, the smallest producer in OPEC (Organization of Petroleum Exporting Countries). It’s now approaching that of Qatar, the second smallest producer.
 
New technology made it possible for the US to accomplish a vast turn-around in energy production within a single year’s time, making us less dependent on other countries for energy and enabling other sources such as wind and solar energy to become more viable.

 

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy