Fracking is now responsible for more than half of US oil production

Oil Fracking

Fracking now accounts for more than half of all US oil output, according to the Energy Information Administration.

In comparison, fracking only accounted for 2% of American oil production in 2000.

 Hydraulic fracturing technology, more commonly known as “fracking,” paved the way for drilling into America’s enormous shale deposits.

In 2000 there were 23,000 fracking wells pumping approximately 102,000 barrels of oil a day. Today there are more than 300,000 fracking wells that produce 4.3 million barrels per day.

Fracking “has allowed the United States to increase its oil production faster than at any time in its history,” the EIA said in recent report.

Over the last decade America has become a power player in oil production, trailing only Saudi Arabia and Russia.

It is largely because of US oil production increases that the oil glut has forced prices down by 75% since mid-2014.

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Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated. He can be reached at JeffSpringer@BusinessPundit.com