Oil: Production data for April show how fracking has
shattered not only the shale rock in formations like Texas' Eagle Ford
and Permian Basin but also the myths of "peak oil" and petroleum as an
energy source of the past.
As Mark Perry notes on his Carpe Diem blog, Texas produced an average
of 2.45 million barrels a day (bpd) of crude oil in April, according to
the Energy Information Administration (EIA). That's the highest average
daily output for Texas in any month since April 1985 — 28 years ago.
In only 2-1/2 years, the Lone Star State has doubled its crude
output, making it what Perry dubs Saudi Texas and reversing a 23-year
decline that fueled speculation that the maximum rate of petroleum
extraction has been, or will soon be, reached.
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