It has pushed U.S. oil production to its highest level in 20 years, the Energy Department says, and natural gas production to an all-time high, with new estimates that the nation has almost 2, 400 trillion cubic feet of recoverable natural gas.
In its announcement of the proposed rules the department stated that U.S. crude oil production is at its highest level in 8 years, while natural gas production has eclipsed the previous production peak set back in 1973.
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Yet such sums must be spent each year for many years before oil production reaches the desired level.
In fact, last year, American oil production reached its highest level since 2003.
In 2011, American oil production reached the highest level in nearly a decade and natural gas production reached an all-time high.
Now, last year, American oil production reached its highest level since 2003.
Today, domestic oil production is at the highest level in nearly a decade, while oil imports have fallen to the lowest level in nearly 20 years.
Already, U.S. oil production has surged to its highest level in a decade.
This is the highest level of crude oil production in 20 years.
In fact, our oil production last year reached its highest level since 2003, and we want to encourage more safe, responsible drilling where we can.
Mexican oil production has experienced a precipitous decline, from a level of 3.4 million barrels per day (bpd) in 2004 to a recent 2.55 million bpd.
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First-quarter production for oil and natural gas was at a record level, up 13% from a year ago.
We are very much interested in responsible but effective oil exploration and recovery, and that is why we have approved 37 shallow-water permits and why overall, as I noted, domestic oil production is at its -- last year was at its highest level since 2003.
"Although there are numerous positive signs of progress in Iraq -- violence has fallen to its lowest level since 2003, its economy is growing modestly, oil production recently surpassed that of Iran, and foreign investment is beginning to restore infrastructure decayed by years of war and sanctions -- the risk of acute instability and renewed conflict remains, " Ollivant said.
So, the profit-maximizing production level for both countries will be very different, but both will still produce some oil.
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