collected by :Jack Alex
U.S. crude oil production did fall somewhat as it became clear that the late-2014 plunge in oil prices wouldn’t be reversed quickly.
Two years ago, analysts assumed that oil prices below $60 would cause a huge decline in shale oil production.
Looking ahead, nimble U.S. oil companies seem likely to keep raising output, even if oil prices remain near today’s level.
That’s because even the relatively modest oil price recovery of the past year is driving a quick rebound in U.S. oil production.
Production is climbing, tooA second factor behind the recent decline in oil prices is that U.S. production has rebounded at a remarkable rate.
As it stated in
The Upcoming Surge In U.S. Oil Demand Explained In One Chart
It’s true that technology and material weight reduction has improved fuel economy of all vehicle classes over time.
Related: The Oil Market Is At A Major Turning PointFrom the perspective of energy demand, size matters in vehicle choice.
On average an SUV weighs about 1,000 pounds more than a car; a pickup truck 1,500 pounds greater.
That’s because fuel economy is dominantly a function of weight followed by aerodynamics.
On average, a pickup truck will get 20 mpg (11.7 L/100km) versus 30 mpg (7.8 L/100km) for a regular car.
As it stated in
U.S. Oil Rig Count Continues To Rise Despite Saudi Warnings
The United States oil rig count jumped by 21 this week, to its highest level since September 2015, according to Baker Hughes’ latest rig on domestic drilling activity.
The number of oil rigs currently active in the United States now sits at 652, which is an increase of 280 year over year.
The Permian Basin saw the most number of rigs added, bringing 7 additional rigs online to reach 315.
The sizeable jump in rigs signals an indifference by American shale producers towards warnings issued by the Saudi Arabian leadership against increased production.
There were no decreases this week in the number of operational rigs per basin.