(WASHINGTON) — U.S. crude oil production is expected to increase by 760,000 barrel-per-day in 2012, according to a new report from the U.S. Department of Energy’s Information Service.
“This is the largest rise in annual output since the beginning of U.S. commercial crude oil production in 1859,” EIA Administrator Adam Sieminski said in a statement.
Increased drilling in the shale formations in North Dakota, Montana, and Texas are behind this boost in output.
Total U.S. crude oil production is on target to be 6.4 million barrels per day in 2012, the highest for any year since 1997.
In Tuesday’s report the EIA has also revised its predictions for crude oil production in 2013, now forecasting that U.S. will produce more than 7 million barrels per day for the first time since 1992.
Copyright 2012 ABC News Radio
Robynn Garfield, KSL.com
Brian Stelter, CNN Money