US production of oil is on track this year for a 6.4% boost over 2008, if current figures hold up.
With US oil production averaging 5.268 million barrels per day (b/d) through October, the gain in US output will be the most since the country produced 9.637-million b/d in 1970, the peak year of US crude output, according to Platts analysis of data published by the US Energy Information Administration (EIA).
If that figure prevails through December, this year will rank as the best US oil production year since 2004, when output averaged 5.419 million b/d.
In the 40 years since US oil production peaked annual output has jumped only eight times. Seven of those increases were minimal; only in 1978 was there a jump of significant magnitude, an increase of 5.6%, to 8.7 million b/d.