The U.S. has been projected to soon overtake Saudi Arabia as the world’s largest oil producer.
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The business of America is oil, and business is booming. Government data shows that U.S. crude oil production for 2013 reached its highest levels since 1989, averaging 7.5 million billion barrels per day.
The Energy Information Administration reports that crude oil production averaged 967,000 barrels per day, or 15 percent, higher in 2013 than in 2012, the highest production level in 24 years.
This is the largest annual increase in domestic oil production since 1940 which supported high refinery utilization rates and reduced U.S. oil imports to the lowest levels since 1996. Crude imports are now 30 percent below their June 2005 peak levels.
What’s even more startling is that oil production from hydraulic fracturing, or fracking, in North Dakota and Texas made up 83 percent of the U.S. production growth.