(Worthy News) – U.S. oil production surpassed 10 million barrels a day in November for the first time in nearly 50 years, a milestone that underscores the growing dominance of the U.S. oil industry.
While global oil exporters once dismissed shale as a flash in the pan, the industry has emerged more efficient than ever from a three-year oil price rout and is poised to take advantage of prices that are at their highest levels since late 2014.
In November, production rose to 10.038 million barrels a day, 4% more than the previous month, according to the U.S. Energy Information Administration. That is just shy of the monthly record of 10.044 million barrels a day in November of 1970. [ Source: Wall Street Journal (Read More…) ]