US Oil Production Could Reach Historic Levels This Year

Michael Bastasch

U.S. oil production could break an all-time high of 10 million barrels per day by the end of the year, according to a new report. Analysts at Rystad Energy are predicting U.S. crude oil output could top an old record set in November 1970 by the end of the year. Production is currently growing at 95,000 barrels per day per month this year, largely thanks to hydraulic fracturing into shale formations. Fracking has become more efficient and productive, and is responsible for virtually all the increase in oil and gas production in recent years...more