US Now Pumping 10 Percent of the World’s Crude

Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the world’s oil at the end of last year, the Energy Information Administration reports.

Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 percent at the end of 2012. Shale and other dense rock, newly accessible because of advancements in hydraulic fracturing and horizontal drilling, accounted for 3.22 million barrels of the U.S. daily average during the three months ending Dec. 31.

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