US oil production hits 10 million barrels per day for first time since 1970
The U.S. is expected to experience "explosive growth" in oil production in 2018 and will exceed Saudi Arabia's output for the first time and rival Russia, the world's top producer. (AP Photo/Charlie Riedel, File)
U.S. oil production hit 10 million barrels per day in November for the first time since 1970, highlighting the power of shale oil and natural gas boom.
More than 6 million of those barrels came from shale, the Energy Information Administration reported Wednesday.
Nationwide output reached 10.038 million barrels a day in November, the agency said, the highest level since November 1970.
The U.S. is expected to experience "explosive growth" in oil production in 2018 and will exceed Saudi Arabia's output for the first time and rival Russia, the world’s top producer, the International Energy Agency reported this month.
The surge comes as the Trump administration has promoted “energy dominance” by taking a lighter touch to regulation, and used its first year to scrap or delay a number of Obama-era regulations targeting fossil fuel development.
But the shale boom began under former President Barack Obama, who in 2015 signed a law passed by Congress ending a 40-year-old ban on oil exports.
Still, the U.S. remains a net importer of crude oil, importing more energy than it exports, according to the Energy Information Administration.
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