America’s crude oil output reached 12 million bpd last week for the first time in history. In just a decade, US oil production increased a whopping140% from 5 million to 12 million bpd, arguably the most remarkable energy success story in history. Imagine how much different today’s energy situation would be without fracking and horizontal drilling, e.g., if the downward trend in US crude oil production from conventional drilling methods from 10 million bpd to 5 million bpd between 1970 and 2005 had continued. We’d be fretting about domestic output of only 4 million bpd, and increased dependence on OPEC, Saudi Arabia, Russia, etc., instead of celebrating the 12 million bpd milestone!
Monday night links | American Enterprise Institute – AEI %
1. Chart of the Day (above) shows another historic US energy milestone: America’s crude oil output reached 12 million bpd last week for the first time in history. In just a decade, US oil production increased a whopping140% from 5 million to 12 million bpd, arguably the most remarkable energy success story in history.