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BP just released the BP Statistical Review of World Energy, which is published annually, and covers consumption, production and other statistics on oil, natural gas and other forms of energy for 2009.

I just wanted to point out the statistics on domestic United States production of oil and natural gas.

Natural gas production moved up as everyone expected due to the large scale development of unconventional resource basins. United States natural gas production increased by 3.5% in 2009, the fourth consecutive year that production has moved higher.

A bigger surprise was on the oil side, as production in the United States increased by 460,000 barrels per day, a 7% increase and the largest since the early 1970’s.

It would be premature to read too much into this number, as a one year increase in production coming after a generation of declining numbers might be a statistical blip. Also, the deepwater moratorium on drilling will impact domestic oil production going forward.

It is something for investors to watch, however, since the 2009 numbers don’t reflect the shift in capital away from natural gas and towards oil development that has gained momentum recently.

Here is a link to the full report.

Source: Statistical Review of World Energy: Investment Trends to Watch