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The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how.

  

Category:  News & Politics

By:  kavika  •  one month ago  •  15 comments

The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how.

U.S. oil production has been holding at or near record highs since October, topping the previous peak from 2020, even though the number of active domestic oil drilling rigs is down by nearly 30% from four years ago.

Strength in oil prices and gains in investment and output efficiency have contributed to that climb, though analysts see a potential slowdown in output growth ahead.



U.S. oil production has “nearly tripled in the last 15 years, fueled by advances in drilling and fracking technology and investments in the early 2010s due to sustained higher oil prices and favorable government policies,” said David Carter, industrials senior analyst with assurance, tax and consulting firm RSM US.

U.S. strategy to “reduce dependence on foreign oil led to various federal and state-level tax breaks and eased regulations for oil exploration and production (E&P) companies.”

The surge in production has also led the U.S. to become a “major oil exporter, opening up new markets for companies to sell the increased production despite limited increases in U.S. demand,” he told MarketWatch.

Read:   What record crude production says about the long road to U.S. oil independence

U.S. crude-oil production stood at 13.2 million barrels per day as of the week ended Jan. 5, after reaching a record at 13.3 million bpd for the weeks ended Dec. 15 and Dec. 22,   according to data from the Energy Information Administration.

That topped the previous record of 13.1 million bpd for the week ended March 13, 2020.

At that time, the number of active U.S. rigs drilling for oil stood at 683,   according to data from Baker Hughes   That number was at 499 as of the week ended Jan. 12, marking a roughly 27% drop.

LINK TO SEEDED ARTICLE: https://www.msn.com/en-us/money/markets/the-u-s-is-breaking-oil-production-records-with-fewer-drilling-rigs-here-s-how/ar-AA1n7dCO?ocid=hpmsn&cvid=9c38506235c3479f82733f595a7730d2&ei=19


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Kavika
Professor Principal
1  author  Kavika     one month ago

We are number one, sorry all you nay sayers.

 
 
 
evilone
Professor Guide
1.1  evilone  replied to  Kavika @1    one month ago

fake news...  We need more oil for all those big ass trucks that make 'merka great!

 
 
 
Trout Giggles
Professor Principal
1.1.1  Trout Giggles  replied to  evilone @1.1    one month ago

The big ass trucks that serve no purpose other than tooling around town, eating up gas, and scaring people in little cars like me.

My dad always had a pick-up truck. It was a work truck. It hauled everything, wood, pigs, cows, sheep, coal....he used to laugh at a boyfriend of mine who had a fancy-schmancy pick-up truck which was only used on Saturday night

 
 
 
Kavika
Professor Principal
1.1.2  author  Kavika   replied to  evilone @1.1    one month ago

Trucks that have never seen dirt or hauling anything, just drive around at 8 miles per gallon.

 
 
 
Kavika
Professor Principal
1.1.3  author  Kavika   replied to  Trout Giggles @1.1.1    one month ago
he used to laugh at a boyfriend of mine who had a fancy-schmancy pick-up truck which was only used on Saturday night

LMAO, I laugh at the moosh noosh too...jrSmiley_10_smiley_image.gif

 
 
 
Trout Giggles
Professor Principal
1.1.4  Trout Giggles  replied to  Kavika @1.1.3    one month ago

Dad asked him once what he hauled around in that fancy truck. BF looked at him like he done lost his mind. He also refused to park in the driveway when it was muddy.

 
 
 
Trout Giggles
Professor Principal
1.1.5  Trout Giggles  replied to  Kavika @1.1.2    one month ago

I thought it was 8 gallons per mile

 
 
 
evilone
Professor Guide
1.1.6  evilone  replied to  Trout Giggles @1.1.1    one month ago
My dad always had a pick-up truck. It was a work truck.

Mine too. I never understood the city people who paid for huge trucks, never haul anything and then park them like douchebags across 2 spaces.

 
 
 
Trout Giggles
Professor Principal
1.1.7  Trout Giggles  replied to  evilone @1.1.6    one month ago

We have a pick-up truck for our camper. It also hauls a lot of camping stuff. But Mr G doesnt use it for much else except going to work

 
 
 
Sparty On
Professor Principal
2  Sparty On    one month ago

I love my big truck.    Haul loads all the time and it gets better mileage than many Sedans these days.    Imagine that …..

 
 
 
devangelical
Professor Principal
2.1  devangelical  replied to  Sparty On @2    one month ago

[Deleted]

 
 
 
bccrane
Freshman Silent
2.2  bccrane  replied to  Sparty On @2    one month ago

Same here.  We have a business truck, a 2003 3/4 ton Dodge with the Cummins diesel, it'll easily haul, in the bed, 1-1/2 tons and it gets 25 MPG.  I just towed a 5 ton machine 20 miles back to our shop, the whole round trip barely moved the fuel gauge.

 
 
 
Sparty On
Professor Principal
2.2.1  Sparty On  replied to  bccrane @2.2    one month ago

Citified people don’t understand business or rural truck use.   Their trucking comes in when they are snuck in bed dreaming of Chai Mocha latte  and Tofu burgers.   

Out of sight, out of peabrain.

 
 
 
JBB
Professor Principal
3  JBB    one month ago

Drill Joe  Drill!

 
 
 
Kavika
Professor Principal
4  author  Kavika     one month ago

This is a link to a good article on how Russia petro dollars are drying up and OPEC isn't in the commanding position it once was.

 
 

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