Skip to comments.U.S. oil production reaches historic high As price plummets
Posted on 06/11/2012 8:21:52 PM PDT by jyro
WASHINGTON, June 11 (UPI) -- Federal leases in the Gulf of Mexico, along with output from Texas and North Dakota, pushed U.S. oil production to its highest level in 14 years, the EIA said.
The U.S. Energy Department's Energy Information Administration reports that U.S. oil production during the first quarter of 2012 topped 6 million barrels per day for the first time since 1998.
"The roughly 6 percent growth in U.S. oil production from October 2011 through March 2012 is largely the result of increases in oil output in North Dakota, Texas and the Gulf of Mexico," the agency said in a statement.
The EIA said Texas and North Dakota are the top oil-producing states in the country.
The EIA information follows an effort in the Republican-controlled U.S. House of Representatives to increase access to the National Petroleum Reserve-Alaska and remove federal burdens to onshore oil and gas leases.
Democratic leaders said the effort is in contrast to recent oil production data and trends in the retail energy market.
The EIA indicated U.S. oil production was steady at around 5.5 million bpd for much of 2011
Read more: http://www.upi.com/Business_News/Energy-Resources/2012/06/11/US-oil-production-reaches-historic-high/UPI-54781339419354/#ixzz1xYNVyMj5
But Gas prices remain the same.
Sure would like to see that plummet. It’s plummeted like, 1 penny, in the last 6 months.
price isn’t going down, we know from reading the NY Times, that increased production doesn’t lead to lower prices.
“But Gas prices remain the same.”
This is because the price of the gasoline has dropped, but the price of Unicorn Fart EPA-mandated additive has gone up.
Every time we increase production the media reports the price goes down.
And every time we talk about increasing production the media reports it won’t bring down the price.
Just no explaining that- since the media is honest and fair...
Is there a nice way to call these friggin liars “friggin liars”?
I failed to factor in the Unicorn Fart EPA-mandated additive!!
I imagine Gas will drop. In October!
The price has not plummeted. They are still very high. Oil prices should be at about $30-40 if drilling was expanded.
And the pain at the pump due to curtailing American drilling lies squarely with Obama who advocates the utter nonsense of so-called "green" energy:
It is true.
We produced 194 million barrels of crude oil in March 2012.
This is the most we have produced since May 1998.
Oil Tanker Rates Lowest Since 1997 as Demand in Europe Plunges
The headline indicates that American oil production hit a historic high, but the text indicates it is the highest in fourteen years.
At any rate, this is terrible news for the enviros and the ‘green energy’ president.
Platts Report: China’s Oil Demand Drops in March
Lowest daily rate this year, but up 3.3% from March 2011
I’m. I’m not seeing it here in Fairbanks.
So much for Peak Oil.
What price plummet? The only thing that has plummeted is the price of crude. Meanwhile the refining margins have zoomed.
In the last year crude oil has dropped about 25% from the high while gasoline has dropped only 10%. The oil industry doesn’t help their public image much when this much information is available.
Crude Settles at $82.70/Bbl, Lowest Since October
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