Friday, June 08, 2012

Bakken and Eagle Ford Oil Help Push U.S. Crude Oil Production in Q1 2012 to the Highest in 14 Years

As I reported recently on CD, U.S. crude oil production is booming and reached a 14-year high in the month of March, see chart above.  The EIA is now also reporting this today as its "Today in Energy" feature:

"Strong growth in U.S. crude oil production since the fourth quarter of 2011 is due mainly to higher output from North Dakota, Texas,and federal leases in the Gulf of Mexico, with total U.S. production during the first quarter of 2012 topping 6 million barrels per day (bbl/d) for the first time in 14 years.

After remaining steady between 5.5 million and 5.6 million bbl/d during each of the first three quarters of 2011, EIA estimates that U.S. average quarterly oil production grew to over 5.9 million bbl/d during the fourth quarter and then surpassed 6 million bbl/d during the first quarter of 2012, according to the latest output estimates from EIA's May Petroleum Supply Monthly report (see chart below). The last time U.S. quarterly oil production was above 6 million bbl/d was during October-December 1998."

MP: The chart below shows how the strong growth in oil production in North Dakota and  Texas is translating into strong growth in "shovel ready" jobs in the oil and gas industries in those states (blue line is Texas and red line is North Dakota), and these are just the direct jobs in "natural resources and mining," and don't include all of the indirect jobs being created in the Bakken and Eagle Ford Shale areas.   


5 Comments:

At 6/08/2012 8:28 PM, Blogger marmico said...

Why does the Railroad Commission of Texas indicate March 2012 production of 1,182,251 barrels daily and the EIA 1,755,000 barrels daily?

That's quite the differential (~10% of U.S. production) and if the Commission is correct, it calls into question whether crude production is the highest in 14 years.

 
At 6/08/2012 9:38 PM, Blogger Rufus II said...

The Next question is why does the EIA do a "sampling" of producers when the TRRC numbers (probably the most accurate oil production numbers in the world) are available.

It's incomprehensible.

Unless it's politics (?)

 
At 6/08/2012 9:48 PM, Blogger marmico said...

It's incomprehensible.

It is indeed. The EIA uses the North Dakota Department of Mineral Resources monthly data.

 
At 6/09/2012 1:12 AM, Blogger Benjamin said...

And why ethanol when we have bountiful oil and gas?
GOP socialism.

 
At 6/10/2012 9:33 AM, Blogger VangelV said...

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