Carpe Diem has two graphs that give a visual on how much the energy field has changed in a very short time.
Check out the first one – More on the spectacular rise in Texas oil production — maybe the most remarkable energy success stories in US history
The smoothed red lines are amazing. Slow decline in production from 1985 to about 2003. Flat production until about 2011. Then a space shuttle imitation. Almost, but not quite straight up for the last two years or so. Since 2010 or 2011, production in Texas has soared back to 1985 levels.
Now look at the second graph. The article title tells the story: No. 1 US produced more petroleum in March than: a) Saudi Arabia, and b) Europe, Central and South America combined.
A dramatic increase in production inside the U.S. shows up from 2009 through 2013.
At this point, US production has been higher than Saudi Arabia for about 5 months. Production has passed the combined amount from Europe, Central America, and South America for two months.
The article quotes another source as saying that the Cline formation could be larger than Eagle Ford.
Can someone point out the terminal decline for me? I can’t quite see it.