Fracking has delivered America two new benchmarks. In the latest illustration of the recent rejuvenation of U.S. energy production, petroleum production hit a 44-year high in April. The FT reports:
Petroleum production, including crude oil and related liquids, known as condensate, and natural gas liquids (NGLs) such as ethane, was 11.27m barrels per day in April, almost equalling the peak of 11.3m b/d reached as an average for 1970. Recent growth rates suggest that it has now exceeded that figure. […][T]he rebound in US output has refuted claims that it was in irreversible long-term decline. Forecasts from the US Energy Information Administration suggest that crude production will also come close to its 1970 peak in the next few years.
But that wasn’t the only energy landmark the United States set in April. According to the Energy Information Administration (EIA), America’s crude oil exports hit a 15-year high this spring, driven by the extraordinary transformative power of fracking.Taken together, America is the world’s largest producer of oil and gas. At a time when many conventional reserves of oil and gas are drying up elsewhere, and supply disruptions in north Africa and the Middle East are becoming distressingly more common, revitalized U.S. hydrocarbon production is good not only for the American economy, but also for global energy security.