DECEMBER 10, 2018
U.S. oil production was estimated at
11.7 million barrels a day during the week ending November 16, over 2 million barrels per day more than during the same time period in 2017—a 21-percent increase. For perspective, the increase is almost equivalent to
all of Mexico’s production in 2017. The Energy Information Administration expects oil production to average
10.9 million barrels per day this year and over 12 million barrels per day in 2019. U.S. oil production has doubled in the past eight years due to oil produced by hydraulic fracturing and horizontal drilling in shale basins. Earlier this year, the United States had
overtaken oil production in Saudi Arabia and Russia on a monthly basis, making it the world’s top oil producing nation. In less than a decade, U.S. companies have drilled
114,000 wells in the Permian Basin of Texas alone and many of them could turn a profit with crude prices as low as $30 a barrel.
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