Rapid increases in US oil production

As discussed before, with the domestic demand lower and production higher, the US is importing an increasingly smaller portion of its fuel consumption. A good discussion on lower demand for diesel fuel can be found here. A similar trend exists in the US demand for gasoline, jet fuel, and in particular heating oil (given the warm winter).

Again, just to bust a few myths on this topic, the US oil production/exploration activities continue to increase sharply. This activity can be seen in the increases of the number of rigs.

Source: Barclays Capital

Here is how the recent as well as the foretasted changes in US production of crude oil and liquid fuels compares to other non-OPEC nation.

For some reason this upsets some people who are looking for signs of "peak oil". But whatever the long term forecasts, these are the facts today.

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