The great contradiction of the oil bust is even as prices remain half what they were nine months ago the United States continues to produce more and more oil.
At least that is according to the U.S. Energy Information Administration, the federal agency of record on matters of oil statistics. This week the EIA reported U.S. crude production was 9.2 million barrels a day in January. That’s down slightly from December, but it’s also the second highest total since the 1980s. Likewise, they show Texas production on a steady rise since the summer.
But go to the website of the Texas Railroad Commission, which regulates oil and gas production in Texas, and at first glance you’ll get an entirely different story.
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