Sunday, February 3, 2013

Two Key Charts on the Super-Boom in Texas Oil Production

So much for peak oil. New oil production technologies are creating a boom in domestic oil production.

Oil production in Texas has doubled in just a little more than three years, from 1.066 million bpd per day in August 2008 to 2.039 million bpd in November 2012. This is going to allow Bernanke to get away with a little bit more money printing before the serious price-inflation hits, as the increase in domestic production will dilute the early price inflation.

(ht Mark Perry)


  1. The second chart is worthless. Someone found a single foreign source out of many (Canada, Nigeria, Venezuala, what about those?) that Texas has now exceeded. So what?

    1. I think the subtle point being made is that Iran is becoming less important as a supplier of oil to the US and thus should be of even less concern to the US.

      The second chart in not worthless, it is a peace chart.

    2. Iran doesn't supply the US with oil....

    3. It doesn't matter if the oil goes directly to the US. If it is sold to China or elsewhere that's less oil that China needs to bid for against the US.

      Both China and Japan are buying Iranian oil.

      In the meantime there is more oil being produced here,