TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Oil output advances to 20-year high with fracking boost

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Bloomberg News.
Thursday, Jan. 17, 2013, 12:01 a.m.
 

Oil production climbed to the highest level in 20 years as improved drilling techniques boosted exploration nationwide and reinforced a shift toward energy independence.

The Energy Information Administration said Wednesday that output rose 0.6 percent to 7.04 million barrels a day in the week ended Jan. 11, the highest level since 1993. Production was up 23 percent from a year earlier. The nation met 83 percent of its energy needs in the first nine months of 2012, on pace to be the highest annual rate since 1991, according to the EIA, the statistical arm of the Energy Department.

“You are going to continue to see U.S. production growth, which is pretty exciting,” said Chip Hodge, senior managing director at Manulife Asset Management in Boston. “This is going to do a lot for the economy as the trade balance improves.”

Production grew by the fastest pace in U.S. history last year as horizontal drilling and hydraulic fracturing, or fracking, unlocked crude trapped in formations such as North Dakota's Bakken shale.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Delay sought in enforcing regulation to make mortgages easier to understand
  2. Female CEOs’ pay outpaces male colleagues
  3. West Coast port slowdown a $100M blow to apple growers
  4. Fuel and potential fires for U.S. economy ahead
  5. Vehicle won’t run if sensor is on the fritz
  6. Looking to save fuel? Check online
  7. Trib 30 index of stocks gains 0.7% in May
  8. GMC Sierra is part workhorse, part command center
  9. Overhaul possible for West Mifflin’s Century III Mall
  10. Honda thinks outside box
  11. Chevron settles fatal shale well fire lawsuit, state claims for nearly $6M