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Fracking Pushes U.S. Oil Output to Highest Since 1992

Asjylyn Loder
Bloomberg

July 10, 2013

U.S. oil production jumped last week to the highest level since January 1992, cutting consumption of foreign fuel and putting the U.S. closer to energy independence.

Drilling techniques including hydraulic fracturing, or fracking, pushed crude output up by 134,000 barrels, or 1.8 percent, to 7.401 million barrels a day in the seven days ended July 5, the Energy Information Administration said today.

Rising crude supplies from oilfields including North Dakota’s Bakken shale and the Eagle Ford in Texas have helped the U.S. become the world’s largest exporter of refined fuels including gasoline and diesel. The shale boom has also helped cut world reliance on OPEC oil even as global demand gains.

“It adds to supply in a world where demand continues to grow, and it certainly reduces our reliance on OPEC,” said Andy Lipow, president of Lipow Oil Associates LLC, a Houston-based consulting firm, who expects output to reach 7.75 million barrels a day by the end of this year.

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