The Ongoing Surge in U.S. Crude Production is Highly Concentrated in Only a Few States – U.S. crude production has surged by more than 50% since 2009, from about 1.8 billion barrels to 2.8 billion barrels annually.
The geography underlying the oil produced in the U.S. each year is now roughly 1 billion barrels from Texas; 700 million barrels combined fromÂ
U.S. Crude Independence Takes Important First Step – Surging domestic crude production finally surpassed the level of imports in early 2014. The roughly 1 billion barrel increase (50%+ gain) in annual production since late 2009 is mirrored by a 1 billion barrel decline in annual crude imports. The value of this production-for-imports swap is approximately $100 billion annually at current oil prices.
OK Oil and Gas Earnings Share Near Oil-Boom High in Early 1980s – The economic role played by the oil and gas industry in Oklahoma has returned to near levels last seen in the Oil-Boom days more than three decades ago. Remarkably, earnings across the mining industry now total $15.8 billion, or 13.7% of all earnings statewide. And as the graphic shows, the tiny utilities sector is the only major industry sector within shouting distance of mining based on average earnings per worker.
U.S. Population Growth Cut in Half the Past Twenty Years – Europe and Japan have long wrestled with the concerns of flagging population growth. Total headcount remains a key determinant of the overall size of any economy.
In the U.S., population growth has slowed by half since the early 1990s, from roughly 1.4% to only 0.7% currently.
Broad-Based Growth -Â The recent release of quarterly Gross Domestic Product estimates by industry provide some helpful insight into the industry-level growth patterns driving U.S. economic activity. This week’s chart illustrates real GDP growth rates for the U.S. by industry in 2013.
So, which industries are driving growth? Currently, with the exception of government,