Tag Archives: oil elasticity of supply

Data Watch: US Crude Oil, Monthly Production December 2012

On February 27th, the U.S. government agency The Energy Information Administration (EIA) announced provisional crude oil production figures for December 2012. The new numbers show U.S. crude oil production topping 7 million barrels per day in both November (following a revision for that month) and December.

U.S. Crude Oil Production jpg

The numbers are good (although less so from a climate change perspective), but far from revolutionary. A look at the U.S. data in a global perspective gives rise to considerable concern. Continue reading