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2012 a Record-Breaking Year for U.S. Oil and Natural Gas Production

2012 a Record-Breaking Year for U.S. Oil and Natural Gas Production

New statistics compiled by the Independent Petroleum Association of America reflect a booming oil and natural gas industry today and also point toward a brighter, more secure future for our nation. The U.S. oil and natural gas industry had a record-breaking year in 2012, with the largest increases for both oil and natural gas production of any coun...

New statistics compiled by the Independent Petroleum Association of America reflect a booming oil and natural gas industry today and also point toward a brighter, more secure future for our nation. The U.S. oil and natural gas industry had a record-breaking year in 2012, with the largest increases for both oil and natural gas production of any country in the world, and twice that of Iraq. The U.S. is already the largest producer of natural gas in the world, and the production shows that growth is not slowing. According to the IPAA, output, marketed production and exports of natural gas liquids were at an all-time high in 2012, averaging 2.4 million barrels per day. U.S. marketed production of natural gas also set an all-time record, at 25.3 trillion cubic feet. As the biggest natural gas producer in the world, the U.S. is in a prime position as demand is expected to continue to rise both domestically and internationally. The record highs for U.S. crude oil last year are still on the way up. Crude oil production had the biggest increase in volume in history in 2012. In fact, domestic crude oil production in 2012 was at the highest level since 1991, averaging 6.5 million barrels per day. The present surge in domestic output has already boosted our nation in the quest to become energy independent. According to the IPAA, U.S. consumption of imported oil has decreased by almost 40 percent from eight years ago. As our nation moves closer to the goal of energy independence, these recent record-breaking statistics and booming forecast reflect an even brighter future for U.S. oil and natural gas production. You can help achieve energy independence. The OERB launched an energy independence campaign aimed at getting more Oklahomans more involved with the movement. Visit www.advancingenergy.oerb.com to learn more. *Source: IPAA, EIA http://www.ipaa.org/2013/07/30/ipaa-ranks-top-10-u-s-oil-natural-gas-records/