Energy Fact of the Day: U.S. Crude Oil Production (ex-Alaska) Reaches a 23-Year High in June
Thanks to advances in technology (fracking and horizontal drilling), domestic oil production has been increasing since 2010, reversing a quarter-century downward trend in U.S. oil production that started in the mid-1980s (see chart above). Over the last year, we've seen one of the largest annual increases in domestic oil production (in the 48 states) in the history of monthly EIA data on U.S. oil production going back to 1973.
America's booming energy sector, especially the increased production related to shale oil and gas, is America's "economic bright spot" right now, and continues to get better and brighter all the time. As weak as economic growth is right now, imagine what the state of the current U.S. economy would be like if we didn't have the booming oil and gas industry that is bringing energy prosperity and shovel-ready jobs to states like North Dakota, Texas and Pennsylvania. Without the game-changing, $1 billion per day energy stimulus to America, it's possible that the U.S. economy would have entered another recession by now.