Mexican Media Brands
U.S. Oil Production at 10-Year High
Daily output of crude oil in the U.S. rose above 10 million barrels in November, the highest production level in a decade and only 6,000 barrels short of the all-time record set in 1970, according to the Energy Information Administration.
#economics
Share
Daily output of crude oil in the U.S. rose above 10 million barrels in November, the highest production level in a decade and only 6,000 barrels short of the all-time record set in 1970, according to the Energy Information Administration.
November’s output was up 4% from the previous month and 13% greater than November 2016. Analysts previously expected production wouldn’t surpass 10 million bpd until sometime this year.
Texas, North Dakota and the Gulf of Mexico accounted for two-thirds of November’s total. EIA says oil shale extraction—also known as fracking or tight oil production—now contributes to half the country’s total oil output, up from only 7% a decade ago.
Production from shale is sensitive to oil prices. EIA notes that the average price of crude rose from a low of $30 per barrel in February 2017 to about $60 last month.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data