Crude oil production in the U.S. is approaching its highest level since 1997, according to a recent article in Land Line magazine. "The U.S. Energy Information Administration (EIA) says the U.S. is on pace to average 6.3 million barrels per day in 2012, an increase of 600,000 barrels per day over the 2011 average," the magazine reports.
In its July 2012 Short-Term Energy Outlook, the EIA also reported that domestic crude oil will average $88 a barrel during the second half of 2012, a decrease of about $7 from the previous month's Outlook report, the magazine wrote.
As supply increases, prices ease and the U.S. becomes less dependent on foreign imports. A separate article by the Oklahoman states that increased U.S. oil production has helped the country decrease its petroleum imports. "Full oil tankers are floating aimlessly in the Persian Gulf largely because of the efforts of American oil and natural gas producers," the article states. "While the country is still far from free of its dependence on foreign oil, the efforts of the North American producers already are making a difference."
The Oklahoman notes that the U.S. is not the only nation producing more oil. "Production also has steadily increased over the past five years in Canada, Brazil, Saudi Arabia and other countries," the article states. "The combined global output increase has allowed the United States and European Union to enforce strict sanctions on Iran -- the world's No. 5 oil producer -- because of its nuclear efforts."
To read the Land Line article, click here.
To read the Oklahoman article, click here.