FRACK! US Oil Production Hits A New Record — 10.25 Million Barrels A Day
U.S. oil production reached an historic milestone in early February, as companies pulled a record amount of crude oil out of the ground.
Production hit a record-setting 10.25 million barrels per day in the week ending Feb. 2, according to the U.S. Energy Information Administration (EIA), rising 332,000 barrels per day from the previous week.
American Enterprise Institute economist Mark Perry pointed out the historic production levels on Twitter, using the opportunity to call out environmentalists and others who often warn of “peak oil.”
HISTORIC: US Oil Production Surged to a New All-Time Record High Last Week of 10.25M barrels/day, Topping the Previous Record of 10.04M in Nov. 1970. @EnergyTomorrow #Fracking Peak what? pic.twitter.com/6kKppkQrOr
— Mark J. Perry (@Mark_J_Perry) February 7, 2018
The U.S. now produces more crude than in November 1970, when production hit 10.04 million barrels per day. In November 2017, oil production hit 10.038 million barrels per day, according to EIA.
EIA released a report Tuesday projecting that the U.S. would become a net energy exporter by 2022, largely because of booming oil and natural gas production. Hydraulic fracturing and horizontal drilling on state and private lands is responsible for virtually all of the increased production.
That’s all good news for President Donald Trump’s “energy dominance” agenda. Trump has made energy a central part of his plan to boost U.S. economic growth. The president even touted the impacts of his regulatory rollbacks in his first State of the Union address.
“We have ended the war on American Energy — and we have ended the war on clean coal,” Trump said. “We are now an exporter of energy to the world.”
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