• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 1 day Bad news for e-cars keeps coming
  • 3 days China deletes leaked stats showing plunging birth rate for 2023
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Tesla and Baidu Partner for Full Self-Driving Test

Tesla and Baidu Partner for Full Self-Driving Test

Tesla begins testing its Full…

Canada Labels Iran's IRGC Terrorist Entity After Flight PS752 Tragedy

Canada Labels Iran's IRGC Terrorist Entity After Flight PS752 Tragedy

Canada designated Iran's Islamic Revolutionary…

US Oil Production Nears Previous Peak

The EIA’s Monthly Energy Review came out a couple of days ago. The data is in thousand barrels per day and the last data point is July 2015.

US consumption of total liquids, or as the EIA calls it, petroleum products supplied, reached 20,000,000 barrels per day for the first time since February of 2008.

Related: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

Something I never noticed before, consumption started to drop in January 2008, seven months before the price, along with world production, started to drop in August 2008. This had to be a price driven decline. Could the current June and July increase in consumption be price driven also?

US Production was down 96,000 barrels per day in July to 9,503,000 bpd. That is 190,000 bpd below the March level of 9,693,000 bpd.

Related: We Could See An Economic Collapse As Debt Defaults Pile Up

Here is what the last 50 years of US production looks like. The peak was in 1970 or 1971, depending on what you call the peak.

Related: Eni Announces Supergiant Gas Discovery Off Egyptian Coast

In March 2015 we were still 351,000 barrels per day below the peak month of 10,044,000 bpd in November of 1970. But right now we are headed in the wrong way to break that record. In July we were 541,000 bpd from that record. Right now the 2015 average, January through July, is 9,534,000 bpd. That is 103,000 barrels per day below the 1970 average. But the 2015 average is likely to get smaller as the year plays out.

ADVERTISEMENT

By Ron Patterson

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • David Hrivnak on September 04 2015 said:
    So am I reading this right we are now importing over half of our oil use again? That did not last long.
  • Grant on September 02 2015 said:
    "US Production was down 96,000 barrels per day in July to 9,503,000 bpd. That is 190,000 bpd below the March level of 9,693,000 bpd."

    I believe these are the 'old' EIA numbers. March was revised to 9,567,000 bpd on 8/31, here:

    http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News