We continue to hear that oil production would be higher if politicians would allow more offshore drilling. Sure, it would be higher- that's a no brainer- but what the media hasn't really told you is that U.S. domestic oil production this past January was at its highest level since August 1998- nearly 188 million barrels for the first month of 2012.
After hitting a low in September 2008, ahead of the election, and after Wall Street collapsed, production has risen nicely, led by massive gains in North Dakota, where production has risen from 3 million barrels a month to nearly 17 million barrels a month. Wow. That number is huge!
Elsewhere, production has also increased in Oklahoma to nearly 7 million barrels a month from 5-6 million barrels just a few years ago. Texas is also seeing an increase in production from 31 million barrels per month in early 2005 to nearly 52 million barrels in January, 2012.
You may be wondering- what states produce the most oil in the United States?
#1: Texas, nearly 52mb/month
#2: Alaska, nearly 19mb/month
#3: North Dakota, nearly 17mb/month
#4: California, 16.5mb/month
#5: Oklahoma, nearly 7mb/month
(Not included: federal offshore 41mb/month)
How much oil does the United States consume every day? Between 17-20 million barrels, so Alaska's month long supply would last us just 24 hours or so.