US oil production continues to increase. The 8.97 million barrels per day of crude oil is higher than the peak in the 1980s of 8.969 million barrels per day in 1985. So all weekly numbers back to the beginning of 1983 have been passed. Oil production was lower from 1974 to 1982. So the new peak is the highest since 1973.
In 1973 Nixon was president.
The USA had not finished the Vietnam war (which ended in 1975).
1973 is 41 years ago.
In 1973, Secretariat won the Kentucky Derby.
Marlon Brando won best actor for the Godfather.
In 1973, Bruce Lee had a mysterious death.
Gasoline was about 60 cents per gallon in 1974 and 30 cents in early 1973. Adjusting for inflation, the most a barrel of oil cost during the 1973 oil crisis was about $115. Oil is now $80-85 per barrel depending upon whether it is West Texas Intermediate or Brent.
The boom in US oil production is keeping the per barrel price low and should keep it low for two more decades. Gasoline prices are below $3 per gallon in parts of the USA and should be around $2.50 in 2015 and should stay around that level for many years.
The combined crude oil and natural gas liquids production is over 12 million barrels per day.
The all oil liquids (including ethanol and refinery gains) is over 14 million barrels per day.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.