USA Oil Production Exceeds 10 Million Barrels a Day – First Time Since 1970
The war against making money and being successful in the USA has officially ended!
USA oil production is gaining faster than expected as the country races to challenge giants Russia and Saudi Arabia.
Output topped 10 million barrels a day in November, reaching the highest level since 1970 and beating government forecasts by several months, according to data from the Energy Information Administration. The agency previously predicted the country would reach the threshold in February 2018.
On another great note, in advancing the administration’s goals of promoting America’s energy independence, the Bureau of Land Management state offices in 2017 generated nearly $360 million from oil and gas lease sales, an 86 percent increase over the previous year’s results of $192.5 million. Among these sales, which together were the highest in nearly a decade, rights to a total of 949 parcels, covering 792,823 acres, were sold.
“Oil and gas lease sales on public land directly support domestic energy production and the President’s energy dominance and job growth priorities for America,” said Deputy Secretary of the Interior David Bernhardt. “2017 was a big year for oil and gas leasing on federal lands, and these sales provide critical revenue and job growth in rural America. We will continue to work into the next year to identify and modify unnecessary regulations that impede responsible energy development.”
In fiscal year 2016, oil and gas development on BLM-managed lands supported 201,000 jobs nationwide and contributed more than $42 billion in output to the U.S. economy.