Texas dominates U.S. oil production
A new Energy Information Administration note explores how U.S. oil production sailed past 12 million barrels per day earlier this year — all thanks to Texas.
The big picture: Texas, North Dakota and New Mexico — which also includes some of the prolific Permian Basin formation that's largely in Texas — form the center of the surge in production from onshore shale formations.
- The chart also shows Alaska's long-term decline in output.
By the numbers: Crude oil production in Texas jumped 1.1 million barrels per day (bpd) between January 2018 and April of this year to reach roughly 5 million bpd.
Where it stands: The domestic surge isn't stopping. But it appears to be slowing. The EIA's most recent estimate is that U.S. crude oil production growth will be 1.4 million bpd this year and 900,000 in 2020, which is a lot, but not as large as last year's jump.
What's next: The next set of EIA 2019 and 2020 estimates arrives later today.
Go deeper: The shale boom has become a check on the market's long-term volatility