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The chart above is reconstructed from this new Energy Information Administration report on the rise of hydraulic fracturing and horizontal drilling in the U.S. — the methods that have allowed production of huge oil and gas resources from shale formations.
Why it matters: The steep upward and downward slopes on that graphic show how the marriage of horizontal drilling and fracking have utterly remade the U.S. energy landscape.
- This is now helping to reshape global crude oil and natural gas markets and geopolitics.
- U.S. oil production is expected to surpass 10 million barrels per day in the near future, roaring past the benchmark set briefly in 1970, and setting a record for annual production. Over 6 million of those barrels now come from shale.
Eyes peeled: EIA will report estimates later this morning on U.S. crude production for the week ending Jan. 26. The estimated tally for the week that ended Jan. 19 was roughly 9.9 million.