U.S. production of crude oil has reached historic levels, surpassing previous highs set nearly 50 years ago.
In January, crude production was 10.2 million barrels per day (bpd), topping 10.04 million bpd in 1970.
The Energy Information Agency reported that daily crude oil production in late January hrough February 2 surged by 330,000 barrels from the previous week to establish a new weekly record high of 10.25 million barrels.
The current production levels represent a dramatic turnaround from a 40-plus-year slide in domestic oil production. Thanks to the revolutionary twin drilling and extraction technologies of hydraulic fracturing and horizontal drilling, U.S. domestic output has soared to current levels from about 5 million bpd in 2010.
The EIA estimates that daily production will soar to 10.6 million bpd this year. [source]
Analysis: Not only does this achievement represent the best of American entrepreneurialism, this dramatic turnaround in domestic oil production strengthens our economy by boosting gross domestic product and providing additional economic opportunities for Americans.
But perhaps most importantly, developing a robust domestic energy industry reduces American reliance on foreign suppliers, which increases our own national security. — JD