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U.S. Oil Production Surged in May

 
Posted Wednesday, June 11th 2014 @ 2pm

  More eye popping numbers from the Eagle Ford, as 'tight shale' formations in south Texas and in North Dakota continues to fuel America's unexpected energy renaissance, 1200 WOAI news reports.

  The U.S. Energy Information Administration says in May, the U.S. produced an average of 8.4 million barrels of oil per day.

  That is the most oil the U.S. has produced in any one month since 1988.

  That means the U.S., led by the Eagle Ford and Cline Shale formations in Texas and the Bakken Shale in North Dakota, produced more oil than every OPEC nation except for Saudi Arabia in May, and the U.S. is the third largest oil producer in the world, behind Saudi Arabia and Russia.

  Just a few years after the 'smart people' in the oil and gas industry were talking up the now completely discredited 'peak oil' theory, the U.S. oil production appears limitless.

  The EIA says by 2015, U.S. oil production will reach 9.3 million barrels per day, surpassing the Saudis and making the U.S. second only to Russia in oil production.

  That would be close to the record high domestic production levels reached between 1970 and 1972.

  The report says there is no indication that the growth of fracking production will slow any time soon.

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