US oil production hits highest level in 24 years
According to data released by the Energy Information Administration (EIA), oil production in the United States reached the highest level since May 1989 in the week ended Sept. 6.
Thanks to unconventional techniques for oil and natural gas extraction, including fracking, the U.S. oil and gas industry is going from strength to strength. Over the seven days leading up to to Sept. 6, U.S. oil production increased 1.6 percent to a total of 7.745 million barrels, figures show.
In the state of Texas alone, the production of oil has surpassed that of the whole country of Iran, Bloomberg reported.
RELATED: US economy benefits from drilling boom
The EIA has estimated that Texas extracted an average of 2.575 million barrels a day in June, which is more than seven of the 12 members of OPEC. When production from other regions in the United States, such as North Dakota and Pennsylvania, are added, the supply becomes abundant enough to make the country the largest exporter of refined fuels like diesel and gasoline.
Data from the federal agency also showed that the United States was able to meet 87 percent of its energy demand with domestically produced fuels over the period between January and May 2013.
The EIA predicted that production will keep rising, with projected average output at 7.5 million barrels a day for 2013 and 8.4 million barrels per day in 2014, Bloomberg said.