Texas On-Pace to Set New Crude Oil Production Record in Late 2014/Early 2015
We are living through some amazing times in oil production history that are set to rewrite the history books (aka, hysteria-books) of "peak oil" -- provided governments just get out of the way and let the industry do what it does best.
The great state of Texas set its oil production record in 1972. If you read the US Energy Information Administration's "Profile Analysis" on the Lone Star State -- which was updated "December 18, 2013," you see the following:
"The first major oil boom in Texas began in 1901 with the discovery of the Spindletop oil field. Later discoveries increased Texas crude oil production until 1972, when production peaked at more than 3.4 million barrels per day. In subsequent years, output fell to less than one-third of the 1972 peak. However, production began to increase in 2010 because of advances in production technology and by mid-2012 was up to 1.9 million barrels per day."
This is now yesterday's news, and then some.
Here is field production of crude oil in Texas up to the latest date available (March 2014).
The production rate is already up to 3 million barrels/day and rising fast. How fast? About 2 percent per month.
If current growth rates continue, Texas will hit a monthly production level of 3.45 million barrels per day by December 2014, meaning that 2015 will set a new annualized production record for the state.
Rock and roll. "God Blessed Texas" indeed. It is time to drill, baby, drill.