U.S. markets closed
  • S&P 500

    4,112.50
    +49.46 (+1.22%)
     
  • Dow 30

    34,021.45
    +433.79 (+1.29%)
     
  • Nasdaq

    13,124.99
    +93.31 (+0.72%)
     
  • Russell 2000

    2,170.95
    +35.81 (+1.68%)
     
  • Crude Oil

    63.77
    -2.31 (-3.50%)
     
  • Gold

    1,827.50
    +4.70 (+0.26%)
     
  • Silver

    27.20
    -0.04 (-0.14%)
     
  • EUR/USD

    1.2085
    +0.0009 (+0.07%)
     
  • 10-Yr Bond

    1.6680
    -0.0270 (-1.59%)
     
  • GBP/USD

    1.4053
    -0.0004 (-0.03%)
     
  • USD/JPY

    109.4450
    -0.2150 (-0.20%)
     
  • BTC-USD

    49,016.43
    -5,279.76 (-9.72%)
     
  • CMC Crypto 200

    1,321.44
    -66.46 (-4.79%)
     
  • FTSE 100

    6,963.33
    -41.30 (-0.59%)
     
  • Nikkei 225

    27,448.01
    -699.50 (-2.49%)
     

US oil production is still going through the roof

Akin Oyedele

US oil production is still surging.

The boom in US shale oil production is one single factors that's been most responsible for the collapse of oil prices since mid-2014.

And via Mark Perry at the American Enterprise Institute, oil production in January was at the highest monthly level since October 1973 – 41 years ago. This surge comes even as data from Baker Hughes shows that rig counts continue to decline.

Perry tweeted this updated chart of US oil production based on data from the Energy Information Administration.

And oil production is just through the roof.

February 4 COTD
February 4 COTD



More From Business Insider