According to data released this afternoon by the Department of Energy, U.S. oil output increased last week to 6,863,000 barrels per day, reaching the highest level of domestic crude oil production since early May 1993, more than 19 and one-half years ago.
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I’m going to guess it will hit 7 million barrels/day on … hmmm … the week ending Feb 15th.
This would be reported on the 20th.
January 1993 oil price was $15.90 per barrel.
Today it’s $89.16.
The EIA has now adopted North Sea Brent for oil forecasts. Brent @ $110.
This chart is amazing. How long can the line rise at nearly a right-angle?
And we are glutted in natural gas.
And we reduce 800k barrels of ethanol every day (though by federal diktat and aided by the permanent subsidy of corn producers).
This does not strike me as Peal Oil. It strikes me as a growing glut about to happen…..
The last glut had oil dropping from $147 to $34 — and now we’re back up to $90. The ones crowing about peak oil being false at $34 have had yet another severe reality adjustment.
like the colors for the chart – must be Christmas
Wind Power Generation Beating Natural Gas in U.S. in 2012
http://www.bloomberg.com/news/2012-12-21/wind-power-generation-beating-natural-gas-in-u-s-in-2012.html
*boom* goes the gas bags
New Wind Power Generation Installations Beating New Natural Gas Power Generation Installations in U.S. in 2012.
U.S. Energy sources and percent share of total for electricity generation in 2011:
Coal 42%
Natural Gas 25%
Nuclear 19%
Hydropower 8%
Other Renewable 5%
Biomass 1.38%
Geothermal 0.41%
Solar 0.04%
Wind 2.92%
Petroleum 1%
Other Gases < 1%
Source: EIA