Earlier this year, the Energy Information Administration said that oil production in the United States will hit a near-record 12.8 million barrels daily this year. In fact, the latest factual data, for June, showed that level has already been reached. Yet, at the same time, exploration and production companies are drilling fewer wells and keeping a cap on their investments in more production.
And oil prices have fallen substantially over the past year. This makes for a confusing picture, with analysts of differing opinions contributing to it. Some…Is U.S. Oil Production Really Nearing Its Peak?
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