November 30, 2012

Oil Jobs at Highest Point Since 1988

Mark Perry, Seeking Alpha


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The Department of Energy released its weekly report today on U.S. crude oil production and reported that domestic oil output averaged 6.818 million barrels per day for the week ending November 23, which was the highest amount of domestically produced oil since the first week of February 1994, almost 19 years ago (see chart above). As a result of the advanced drilling technologies (hydraulic fracking and horizontal drilling) that starting unlocking previously inaccessible shale oil, U.S. oil production started increasing in 2009 and reversed a multi-decade decline in domestic oil output that started in the mid-1980s. Since the shale oil revolution started four years ago, U.S. oil output has increased by 36%, from about 5 million barrels per day in early 2009 to the current level of...

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TAGGED: Tight Oil, North Dakota, Department Of Energy, Oil Jobs, Oil Imports, Oil Production

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