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Independence: Oil Imports Decline as Shale Revolution Supercharges Production

Andrew Burton / Getty Images

Andrew Burton / Getty Images

“Oil production gains from the Bakken and Eagle Ford shale formations are a major reason why U.S. imports of crude oil have dropped to levels not seen since the mid-1990s.”

— Benteck Director of Energy Analysis Jack Weixel

HOUSTON, Aug. 21 (UPI) — Oil production from shale basins in North Dakota and Texas are the primary reason for a decline innorth-dakota-oil-boom_61135_600x450 U.S. oil imports, data published Thursday show.

“Total U.S. crude oil production reached 8.5 million barrels per day in July, the highest monthly level since April 1987.”

Bentek Energy, the analytical division of Platts, said July oil production from the Bakken area in North Dakota and the Eagle Ford shale play in Texas increased 3.4 percent year-on-year, or more than 86,000 barrels per day.

From AEI:

The chart below shows the combined daily oil output in America’s three most productive oil fields — the Bakken in North Dakota, the Eagle Ford Shale in south-central Texas and the Permian Basin in west Texas — from January 2007 to June 2014, based on estimates released by the EIA. From combined output of 1 million barrels of oil per day (bpd) in 2007, total crude oil production in those three oil fields will top 4 million barrels in June, based on drilling rigs data and EIA estimates of changes in production from existing wells…(read more)

shale oil revolution

“Oil production gains from the Bakken and Eagle Ford shale formations are a major reason why U.S. imports of crude oil have dropped to levels not seen since the mid-1990s,” Benteck Director of Energy Analysis Jack Weixel said in a statement Thursday.

The Energy Information Administration, the statistical arm of the Energy Department, said in its monthly short-term market report total U.S. crude oil production reached 8.5 million barrels per day in July, the highest monthly level since April 1987…(read more)

UPI – Breitbart

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One Comment on “Independence: Oil Imports Decline as Shale Revolution Supercharges Production”

  1. […] Independence: Oil Imports Decline as Shale Revolution Supercharges Production (punditfromanotherplanet.com) […]


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