74.30 MIllion Barrels per Day
According to The Oil Drum, this amount so far represents the largest averaged amount of crude oil extracted from the drilling fields in one month. Write that number down somewhere. Keep that number safe for future reference.
Why?
Because that record was set in May, 2005:
1) Crude oil - Latest available figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 455,000 b/d from June to July. Total production in July was estimated at 73.28 million b/d, which is 1.01 million b/d lower than the all time high crude oil production of 74.30 million b/d reached in May 2005.
Not long ago, I introduced readers here to M. King Hubbert's concept of Peak Oil. It now looks like Hubbert colleague Kenneth Deffeyes' prediction of a late November, 2005 peak was only half a year off the mark.
Why?
Because that record was set in May, 2005:
1) Crude oil - Latest available figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 455,000 b/d from June to July. Total production in July was estimated at 73.28 million b/d, which is 1.01 million b/d lower than the all time high crude oil production of 74.30 million b/d reached in May 2005.
Not long ago, I introduced readers here to M. King Hubbert's concept of Peak Oil. It now looks like Hubbert colleague Kenneth Deffeyes' prediction of a late November, 2005 peak was only half a year off the mark.