- US crude oil production shattered a 47-year output record in November; retreated slightly in December
- oil production from shale continued to upend global supply patterns (memo to self: note to Jane Nielson)
- oil output rose to 10.057 million bopd in November, a revision from earlier estimates
- December production fell to 9.949 million bpd (a decrease of 108,000 bopd)
- November output exceeded the 10.044 million bbls produced in November, 1970
- only Russia now has a greater daily output
- the new record is not likely to last; the US government forecasts 11 million bopd later this year
- the gains are primarily due to production in Texas and North Dakota
Pretty much puts another nail in the Hubbert "peak oil" theory, at least as I understand it.
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"It's Time For Us To Get On The Same Page As A Country And Get These Pipelines Built" -- Alberta, Canada, Finance Minister
Hope springs eternal.
Data points:
- stalled Keystone XL may be costing Alberta as much as $400 million in lost royalties during the current fiscal year
- regardless: Alberta is booming
- province GDP grew at 4.5% last year, the fastest rate in Canada; and, more than 2.6% it initially projected (can you spell "CBR"?)
- in 2018, economy forecast to expand 2.8%
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