From the report:
- Total U.S. crude oil production averaged 7.5 million bbl/d in 2013, 967,000 barrels per day (bbl/d) higher than 2012 and the highest level of U.S. production since 1989. In December 2013, U.S. crude oil production reached 7.9 million barrels per day (bbl/d).
- The 15% increase in U.S. production from 2012 to 2013 was the largest annual percentage increase since 1940.
- U.S. crude oil production gains were geographically concentrated in Texas and North Dakota, which together accounted for 83% of U.S. production growth.
- Net imports fell to 7.6 million bbl/d – the lowest level since 1996.
In fact, US crude oil production grew by 50% between 2008 and 2013 (I did the calculations for a presentation I'm putting together for the big IU conference in Carlsbad).
This record pumping happened even though the harsh winter curbed production in North Dakota and Montana.
You know who else is increasing crude oil production a lot last year? Iraq. Iraq pumped the most in 35 years. Meanwhile, the rest of OPEC is scrabbling to keep up.