Energy Fact Of The Day: U.S. Oil Output Is Close To A 21-Year High

Includes: USO
by: Mark J. Perry

The Department of Energy reported today that U.S. oil production for the week ending April 5 reached 7.181 million barrels per day. That's the highest weekly output of crude oil in the U.S. since the first week of July 1992, almost 21 years ago (see chart below). Compared to a year ago, U.S. oil production in the first week of April increased by more than 27% and is the 20th consecutive week of an annual increase in output of more than 20%, starting the week ended Nov. 23, 2012.

In just the last two years, daily oil production in the U.S. has increased by almost 1.6 million barrels per day, from about 5.6 million bpd in April 2011 to 7.18 million bpd this year. It has completely reversed several decades of decline in U.S. oil output.