Report: U.S. oil production reaches highest level since 1993

01/9/2013 | Bloomberg

The U.S. produced 7.002 million barrels per day in the week that closed Jan. 4, the highest output since March 1993, according to a report from the Department of Energy. Hydraulic fracturing and horizontal drilling played key roles in the production surge. "I don't think anyone expected the magnitude of the change in just one year," said Lipow Oil Associates President Andy Lipow.

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