"1. Chart of the Day I displays annual US oil production back to 1900, based on data released this week from the EIA for 2015.
Note that US oil output started declining steadily from the early 1970s when daily production peaked at 9.6 million barrels, and fell to about 5 million barrels in 2008 during the Great Recession.
But then the shale oil revolution started, and in only 7 years US oil production nearly doubled to an average of 9.43 million barrels per day last year, the highest output since 1972, and the fourth highest year in US history for average daily oil production (only the years 1970, 1971 and 1972 were higher).
Looking forward, the EIA forecasts average daily production this year of 8.7 million barrels and 8.5 million barrels per day in 2017."
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