Monday, March 26, 2012

US Oil Production Increases 15%, Reversing 38-Year Decline

Peak oil in the US was thought to have been reached in 1970, when the US produced 9.6 million barrels of oil per day.  The country's production declined steadily from 1970 to 2008, when just 4.95 million barrels per day were brought to the surface to meet our oil addiction.  See U.S. Inches Toward Goal of Energy Independence at

The 38-year long slide downwards from 9.6 million to 4.95 million barrels per day was both long and steep, nearly reaching a 50% reduction in production.  Yet, remarkably the slide downward not only ended but also reversed.

Today America is producing about 5.7 million barrels per day of oil. New and unconventional oil production in North Dakota and elsewhere is responsible. This increased domestic production, in combination with declining oil and gasoline consumption, means that oil imports now provide 45% of our fuel, down from a record 60% in 2005.

How much more could US oil production rise? Most expect US oil production to reach 7 million barrels per day and some insist 10 million barrels per day is possible.

By producing 7 to 10 million barrels per day, increasing biofuels production, boosting the use of natural gas and electricity in transportation, and raising fuel efficiency to 54 miles per gallon, Uncle Sam would be energy independent.

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