Apr 13, 2015
American oil production is booming despite the crash in crude oil prices.
Rystad Energy estimates U.S. oil production will average 9.65 million barrels per day in 2015, exceeding the previous all-time record set in 1970.
It’s an unusual time to have a record-breaking year. The world currently has too much oil. The supply glut has caused crude prices to go from over $100 last summer to under $50 this year. The reversal in prices has caused serious pain in the energy industry, leading to over 51,000 layoffs, deep spending cuts and tumbling stock prices.