What U.S. Oil Production Crash?

CNN: Sorry, OPEC: U.S. oil production at 43-year high

Sorry, OPEC. The U.S. oil boom isn't dead yet.

The U.S. pumped an average of 9.43 million barrels per day last year, according to new government figures. That's the highest level since 1972 and represents an impressive growth of 89% since 2008.

The crash in oil prices has caused production to slow a little in recent months. But shale oil producers have held up far better than many feared.

"The U.S. oil industry has demonstrated remarkable resilience," said Jason Bordoff, a professor at Columbia University and a former energy adviser to President Obama.

The shale oil revolution has given consumers a big boost in the form of cheap gasoline prices, which are now below $2 a gallon nationally. It's also made America one of the planet's biggest oil players behind Saudi Arabia and Russia.

Read more ....

WNU Editor: OPEC is going to wait untill June before making any decisions on oil production cuts .... OPEC watching Iran, Russia, unlikely to cut output in June (CNN).