Tags: us | oil | supply

US Oil Supply Increases by 1 Million Barrels a Day

Image: US Oil Supply Increases by 1 Million Barrels a Day Austin Mitchell, left, and Ryan Lehto work on an oil derrick outside of Williston, N.D.

Thursday, 13 Jun 2013 10:17 AM

By Melanie Batley

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. crude-oil production grew by more than 1 million barrels a day last year, the largest increase in the world and the biggest in U.S. history.

Crude production in the U.S. jumped 14 percent to 8.9 million barrels a day according to an annual report by BP released Wednesday, The Wall Street Journal reported. The supplies are flowing mainly from oil fields between North Dakota and south Texas that have been tapped using new types of technology.

On the back of the news, the price of oil fell toward $95 a barrel Thursday, The Associated Press reported. But the surge of U.S. oil output is expected to have only a modest impact on global prices in the short term, partially due to restrictions on oil exports, the Journal reported.

Still, as the U.S. continues to develop pipelines and refineries to boost its production, future output could have a bigger effect on driving down prices.

"Growth in U.S. shale-oil production could have the most significant long-term impact on oil prices of any supply event in recent decades," the investment company PIMCO reported earlier this year.

The North American oil boom contrasts with developments in other oil-producing countries that have seen steep declines due to aging oil fields and political strife. Iran's production fell 16 percent last year, the largest drop among major producers, caused by tough sanctions imposed by the West over its nuclear program.

In 2012, the U.S. was the third-largest global crude producer behind Saudi Arabia and Russia, according to the Journal.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Poll: Veterans Not Happy With President or Obamacare

Saturday, 19 Apr 2014 18:02 PM

Most veterans and active-duty members of the military believe the United States is heading in the wrong direction, do no . . .

California Man Survives Avalanche on Mount Everest

Saturday, 19 Apr 2014 16:07 PM

California man says he feels lucky that he survived an avalanche that killed at least 13 people on Mount Everest. Kenwoo . . .

Carriage Horse Foes Picket Liam Neeson's NYC Home

Saturday, 19 Apr 2014 14:11 PM

Animal rights activists protesting outside Liam Neeson's home say they don't agree with him that New York's carriage hor . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved