Post by pickle20 on Mar 26, 2024 10:09:36 GMT -5
USA is now producing more oil and gas than any nation ever has
www.yahoo.com/news/usa-now-producing-more-oil-173047232.html
If this is true why is gas still hovering around $3.60 a gallon?
www.yahoo.com/news/usa-now-producing-more-oil-173047232.html
The US Energy Information Administration (EIA) said in January that US domestic production of crude oil for September 2023 set a new all-time high of 13,247,000 barrels per day. That fact probably deserved more notice than it received given that it was the most oil any nation on earth had ever managed to produce in a single month. The high-tech modern US oil and gas industry is completely transformed.
Even more remarkable is the fact that US producers managed to break the record in November, and then exceed the September number again in December, the most current month for which full data is available. It is likely November’s all-time record of 13,319,000 barrels per day (bpd) has been exceeded at least once again during the first quarter of 2024, as producers find ways to wring more production out of each wellbore.
That ability to increase per-well performance through the application of more effective processes and advancing technologies has been crucial to the ability to raise overall production given that the upward curve has continued even in the face of an active rig count that has dropped by over 25 per cent in the past 15 months. That is a feat the US industry has never achieved in any other period in modern times.
The September 2023 record took place exactly 15 years after American crude production had hit a production nadir not seen since 1943, when the manpower and resource requirements of fighting World War II slowed the business to a crawl. The US churned out just 3,974,000 bpd in September 2008, a level the State of Texas alone exceeded by almost 2 million bpd 15 years later.
Even more remarkable is the fact that US producers managed to break the record in November, and then exceed the September number again in December, the most current month for which full data is available. It is likely November’s all-time record of 13,319,000 barrels per day (bpd) has been exceeded at least once again during the first quarter of 2024, as producers find ways to wring more production out of each wellbore.
That ability to increase per-well performance through the application of more effective processes and advancing technologies has been crucial to the ability to raise overall production given that the upward curve has continued even in the face of an active rig count that has dropped by over 25 per cent in the past 15 months. That is a feat the US industry has never achieved in any other period in modern times.
The September 2023 record took place exactly 15 years after American crude production had hit a production nadir not seen since 1943, when the manpower and resource requirements of fighting World War II slowed the business to a crawl. The US churned out just 3,974,000 bpd in September 2008, a level the State of Texas alone exceeded by almost 2 million bpd 15 years later.
If this is true why is gas still hovering around $3.60 a gallon?