One of these says, Alice! Straight to the moon!
Domestic oil production has reached a new high of 9.2 million barrels daily, according to a new government report.
The total is the most since 1983, according to the Energy Information Administration, based on weekly data. It also matches the agency’s daily record set in Oct. 1973 that was calculated using monthly production levels.
The increased production follows a huge years-long drilling and fracking boom. Oil producers dramatically ramped up their operations to cash in on soaring energy prices.
But since the summer, the global crude market has collapsed because of a glut in production and lower-than-expected consumption in Europe and China. Since then, prices have fallen more than half, and ended the day Wednesday at below $50 per barrel.
In response to the glut, U.S. producers and oil services companies have slashed jobs and investment. Still, it has yet to fully impact production. On Tuesday, Halliburton said it would
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