The production of crude oil has hit 10 million barrels a day for the first time in nearly 50 years, according to data from the U.S. Energy Information Administration.
Lifting the ban on the exportation of U.S. crude oil on Dec. 18, 2015, has been a major game-changer for U.S. oil producers, said Michael Looney, vice president of economic development for San Angelo’s Chamber of Commerce.
He said it has given given U.S. producers, including those in the Permian Basin, a whole new set of markets and buyers — mainly in Asia.
“This is a big achievement for U.S. and Texas producers,” said Looney.
Of those 10 million barrels, 40 percent was produced in Texas.
The Permian Basin has experienced an increase in drilling, along with several pipeline projects in the works to allow for transportation of the West Texas Intermediate Oil to the nation’s ports, such as Corpus Christi.
