The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how.
U.S. oil production has been holding at or near record highs since October, topping the previous peak from 2020, even though the number of active domestic oil drilling rigs is down by nearly 30% from four years ago.
Strength in oil prices and gains in investment and output efficiency have contributed to that climb, though analysts see a potential slowdown in output growth ahead.
U.S. oil production has “nearly tripled in the last 15 years, fueled by advances in drilling and fracking technology and investments in the early 2010s due to sustained higher oil prices and favorable government policies,” said David Carter, industrials senior analyst with assurance, tax and consulting firm RSM US.
U.S. strategy to “reduce dependence on foreign oil led to various federal and state-level tax breaks and eased regulations for oil exploration and production (E&P) companies.”
The surge in production has also led the U.S. to become a “major oil exporter, opening up new markets for companies to sell the increased production despite limited increases in U.S. demand,” he told MarketWatch.
Read: What record crude production says about the long road to U.S. oil independence
U.S. crude-oil production stood at 13.2 million barrels per day as of the week ended Jan. 5, after reaching a record at 13.3 million bpd for the weeks ended Dec. 15 and Dec. 22, according to data from the Energy Information Administration.
That topped the previous record of 13.1 million bpd for the week ended March 13, 2020.
At that time, the number of active U.S. rigs drilling for oil stood at 683, according to data from Baker Hughes That number was at 499 as of the week ended Jan. 12, marking a roughly 27% drop.
LINK TO SEEDED ARTICLE: https://www.msn.com/en-us/money/markets/the-u-s-is-breaking-oil-production-records-with-fewer-drilling-rigs-here-s-how/ar-AA1n7dCO?ocid=hpmsn&cvid=9c38506235c3479f82733f595a7730d2&ei=19
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We are number one, sorry all you nay sayers.
fake news... We need more oil for all those big ass trucks that make 'merka great!
The big ass trucks that serve no purpose other than tooling around town, eating up gas, and scaring people in little cars like me.
My dad always had a pick-up truck. It was a work truck. It hauled everything, wood, pigs, cows, sheep, coal....he used to laugh at a boyfriend of mine who had a fancy-schmancy pick-up truck which was only used on Saturday night
Trucks that have never seen dirt or hauling anything, just drive around at 8 miles per gallon.
LMAO, I laugh at the moosh noosh too...
Dad asked him once what he hauled around in that fancy truck. BF looked at him like he done lost his mind. He also refused to park in the driveway when it was muddy.
I thought it was 8 gallons per mile
Mine too. I never understood the city people who paid for huge trucks, never haul anything and then park them like douchebags across 2 spaces.
We have a pick-up truck for our camper. It also hauls a lot of camping stuff. But Mr G doesnt use it for much else except going to work
I love my big truck. Haul loads all the time and it gets better mileage than many Sedans these days. Imagine that …..
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Same here. We have a business truck, a 2003 3/4 ton Dodge with the Cummins diesel, it'll easily haul, in the bed, 1-1/2 tons and it gets 25 MPG. I just towed a 5 ton machine 20 miles back to our shop, the whole round trip barely moved the fuel gauge.
Citified people don’t understand business or rural truck use. Their trucking comes in when they are snuck in bed dreaming of Chai Mocha latte and Tofu burgers.
Out of sight, out of peabrain.
Drill Joe Drill!
This is a link to a good article on how Russia petro dollars are drying up and OPEC isn't in the commanding position it once was.