March A Good Month For U.S. Oil Production, Energy Sector Continues To Lead The Economy

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 |  Includes: USO
by: Mark J. Perry

The U.S. Energy Information Administration released oil output data yesterday for the month of March by state, and some of the production highlights are summarized in the table below. Overall, March was a very good month for U.S. oil production, considering that:

1. Two states -- North Dakota and New Mexico -- established new all-time monthly oil production levels in March, with annual increases of 35.7% and 23.5%, respectively.

2. Texas crude oil output in March -- at 2.369 million barrels per day -- was the highest in slightly more than 27 years, going back to February 1986, and increased by more than 30.5% over last March. As I reported yesterday, the Lone Star State produced one-third of all U.S. crude oil output in March, the highest share ever.

3. Oil production during the month of March in Oklahoma was the highest in more than 20 years, and oil output in Wyoming was the highest in almost 13 years.

4. For the country, the U.S. produced more crude oil in March than in any month since October 1992, more than 20 years ago.

State March Daily Output (bblS) % Annual Increase Highest Since
Texas 2,369,000 30.5% February 1986
N. Dakota 783,000 35.7% Highest ever
Oklahoma 289,000 27.3% April 1992
New Mexico 268,000 23.5% Highest ever
Wyoming 167,000 5.0% June 2000
Kansas 128,000 8.5% February 1995
USA 7,124,000 13.0% October 1992
Click to enlarge

America's energy revolution, reflected in the impressive March production statistics, continues to be at the forefront of the economic expansion. It provides the best reason to be optimistic about the future of the U.S. economy.