U.S. Crude Oil Production Reaches All-Time High
According to Jonathon Cogan of the U.S. Energy Administration, U.S. crude oil production is expected to keep rising over the next two years. America’s oil output will jump nearly 900,000 barrels per day in 2013, to an average of 7.3 million barrels a day.
"This would mark the biggest increase in output since U.S. commercial crude oil production began in 1859," Cogan said. "U.S. daily oil production is expected to rise by another 600,000 barrels in 2014 to nearly 8 million barrels a day -- the highest level since 1988."
Most of America’s oil production growth over the next two years will come from more drilling activity in shale rock formations located in North Dakota and Texas.