Thursday, November 1, 2018
New Report Shows US Oil Production's Shattering All-Time Records
US oil production rose to record levels in August and briefly outpaced Russian output during that same period, according to newly released federal data.
Oil output jumped to a record 11.346 million barrels a day, the US Energy Information Administration wrote in a report Wednesday. Russia, meanwhile, pumped 11.21 million in August, according to its energy ministry.
The 2.1 million barrels per day increase over August of 2017 is the largest year-over-year rise in US history, the EIA noted. The report also shows that Colorado produced more oil from the Mancos Shale of the Piceance Basin than California for the first time in history.
California's a major oil producer despite the state’s opposition to fossil fuel consumption. Colorado’s energy sector might take a hit this election if voters support a ballot initiative effectively banning fracking in the state.
The measure would ban oil and gas wells within 2,500 feet of homes, businesses and protected areas such as playgrounds and historic sites. Activists struggled for years to introduce similar measures in 2014 and 2016, neither of which made a ballot.
EIA’s report also comes as federal data show oil production on federal lands and waters hit record highs in 2017 as well, averaging about 2.2 million barrels per day. Production on federal lands saw a marked decrease during the latter half of former President Barack Obama’s administration.
The number of new wells drilled on federal lands fell 83% from 2008, according to Bureau of Land Management (BLM) data from 2017. New leases fell 78% and the number of permits approved fell 67%, according to BLM.
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