US oil production surges to 20-year high

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The US Energy Information Administration (EIA) is reporting today that US crude oil production exceeded 7 million barrels per day (bpd) in both November (7.01 million bpd) and December (7.03 million bpd) last year, which was the highest level of domestic crude oil production since December 1992 (7.10 million bpd), 20 years ago.

The EIA credits: a) increasing oil production in North Dakota and Texas for driving the increase in U.S. crude oil production to a 20-year high, and b) the increasing amount of domestic crude oil production that is now coming from shale and other tight (very low permeability) formations.

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