U.S. Oil Output To Top 11 Million Barrels Per Day By End Of 2018

hale-driven U.S. crude oil production is projected to soon reach levels not seen since the early 1970s when Arab members of OPEC imposed an oil embargo against the U.S. that lead to record high pump prices and gasoline rationing in several regions of the country.

In its annual 145-page outlook for U.S. energy production, consumption and transportation needs through 2050, the U.S. Energy Information Administration (EIA) forecasts that the U.S. will switch from being a net energy importer to a net exporter by 2022 and surpass 11 million barrels per day of production by the end this year.

Earlier this week, the EIA first reported that U.S. crude oil production reached 10.038 million barrels per day (b/d) in November 2017. That is the first time since 1970 that monthly U.S. production levels surpassed 10 million b/d and the second-highest U.S. monthly oil production value ever, just below the November 1970 production value of 10.044 million b/d.    MORE

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