AMERICAN OIL PRODUCTION BREAKING RECORDS, EXCEEDING OPEC AND RUSSIA: FRUITS OF FREEDOM

Posted on January 19, 2018


WSJ: “Surging U.S. crude oil production this year is expected to surpass output in Saudi Arabia and rival that of Russia, the world’s two largest oil producers, the International Energy Agency said Friday.
Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 million barrels a day in 2018, an all-time high not seen since 1970, the agency said in its closely watched monthly oil market report. The IEA raised its outlook for U.S. crude supply this year by 260,000 barrels a day, to a record 10.4 million barrels a day, largely a result of the recent rally in crude prices.”

“OPEC and 10 producers outside the cartel, including Russia—which produced around 10.9 million barrels a day in 2017—agreed late last year to extend an agreement to hold back crude output by nearly 2% through the end of 2018.”

Reuters: “Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago.”

Obama speech to repeal tax breaks for oil industry to fix high gas prices: “We can’t just drill our way out of the problem.”


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WSJ: U.S. Oil Output Expected to Surpass Saudi Arabia, Rivaling Russia for Top Spot
AMERICA OIL OUTPUT BREAKS RECORD, LOWER TAXES, DOW SOARS, JOBS: PRES TRUMP FRUITS OF FREEDOM
Hill- Obama: Nation can’t drill its way out of soaring gas prices

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Posted in: News, Politics