U.S. oil production continues to break records this year, and the latest federal data shows crude output hit 11 million barrels a day in the previous week, with U.S. oil production doubling in the last eight years.
American Enterprise Institute economist Mark Perry noted the production milestone on Twitter, citing the latest U.S. Energy Information Administration (EIA) data.
ANOTHER HISTORIC ENERGY MILESTONE: Daily US Oil Output Reached 11M Barrels Last Week for the First Time, Setting a New All-Time Production Record at 2X the Output of 5.5M bpd in 2010. @EnergyTomorrow Carpe Oleum #shale pic.twitter.com/AcH7xZgAXj
— Mark J. Perry (@Mark_J_Perry) July 18, 2018
Here’s confirmation from EIA:
U.S. oil producers continue to reach new milestones, including breaking the all-time record of 10.04 million barrels per day set in November 1970. Oil and natural gas exports have also set new records.
While U.S. production has boomed, it’s not been enough to keep gasoline prices from ticking up this year. Gas prices increased on rising demand, supply troubles in Venezuela and Libya and new sanctions on Iran.
Hydraulic fracturing, or fracking, has allowed companies to access vast reserves of oil and natural gas, precipitating an energy boom that’s completely reversed the U.S.’s energy future. (RELATED: The Battle To Repeal An Obama-Era Regulation On Trucks Heats Up)
The Trump administration has harnessed “energy dominance” as part of its foreign and domestic policies. The White House has aggressively pushed a deregulation agenda that’s targeted Obama-era regulations seen as harmful to energy production.
EIA expects U.S. production to increase to 12 million barrels a day by the end of 2019.
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