Posted April 17, 2015
U.S. Crude Output Rose to 42-Year High in March
BloombergBusiness: The U.S. pumped crude last month at the fastest pace since February 1973, sending March inventories to the highest level in 85 years.
Crude output climbed 13 percent from a year earlier to 9.32 million barrels a day in March, the American Petroleum Institute said in a monthly report Thursday. Production of natural gas liquids, a byproduct of gas drilling, climbed 9.1 percent to 3.05 million, a record for March. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S.
“Production of both crude oil and natural gas liquids last month remained at the highest levels in decades even as rig counts reached a five-year low,” John Felmy, chief economist at the API in Washington, said in an e-mailed statement.
Read more: http://bloom.bg/1HAWMt9
More industry news:
- House GOP Wants More Atlantic Leases in Offshore Drilling Plan: http://bit.ly/1Dfzfb4
- New Offshore Regulations Could Stir Investor Anxiety: http://bit.ly/1ISFRE5
- Keystone XL Debate is Highly Partisan – Unless You Live Near Proposed Route: http://wapo.st/1yCkDHk
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- Opinion: The Fracking Truth May Be a Different Truth: http://bit.ly/1PYyaOL
- EIA: Maps Highlight Geologic Characteristics of U.S. Tight Oil, Shale Plays: http://1.usa.gov/1b4Xv93
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.