Carpe Diem With Another Nice Bakken / Eagle Ford Graph

Link here to CarpeDiem.

The chart [at the link] displays the daily crude oil output in America’s top four oil-producing states: Texas, North Dakota, Alaska and California over the last ten years (EIA data). Two states are pretty much out of the reach of the feds; two states are pretty much stymied by the federal government. This is not rocket science.

Here are some highlights:

1. After producing a relatively inconsequential share of the nation’s crude oil for many years (fewer than 100,000 barrels per day and only 1.5% of total domestic output), North Dakota’s oil production took off about five years ago when advanced drilling techniques including hydraulic fracturing started tapping into the vast resources of shale oil in the state’s Bakken region.  In just the last five years, the state’s oil output has increased seven-fold, and North Dakota is now producing more than 700,000 barrels of oil per day, which is close to 11% of total US output.

2. In December of last year, North Dakota was producing so much shale oil in the Bakken region that it surpassed California’s oil production to become America’s No. 3 oil-producing state, and then just three months later in March of this year the Peace Garden State surpassed Alaska to become the nation’s No. 2 oil-producing state.

Go to the link for the rest of the "feel-good" story.

As usual, the comments at the link continue to show that a lot of folks have no clue how this all happened.

Y'all remember all those folks who thought the Bakken was over-hyped? And I love this stat: North Dakota's 7,000 wells out-produce California's 60,000 wells.