The U.S. has been the undisputed top producer of petroleum and natural gas hydrocarbons for the last six years, finishing 2017 with production levels about double those of Saudi Arabia.
American oil and gas hydrocarbon production hit a record high in 2017 at nearly 30 million barrels per day of oil equivalent, according to the U.S. Energy Information Administration (EIA).
EIA reported on Monday that U.S. “petroleum production increased by 745,000 barrels per day (b/d) in 2017, driven by a 21 percent increase in oil prices to approximately $65 per barrel.”
Of that, “crude oil and lease condensate accounted for 60 percent of total petroleum hydrocarbon production in 2017, and natural gas plant liquids accounted for 24 percent.”
EIA’s data on booming U.S. oil and gas production comes as the Trump administration re-imposes sanctions on Iran. – READ MORE
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