True North Energy Corp. (TNEN)

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Nevertheless, oil extraction in the United States is still very strong, according to the US Energy Information Administration (EIA). It reports that record production is expected in January 2015 from new wells in shale formations such as Eagle Ford in Texas and Bakken in North Dakota.

Overall, US oil output rose to 9.12 million barrels per day during the week that ended Dec. 5, the highest measured by the EIA since 1983. And the agency forecasts American production to rise to an average of 9.3 million barrels per day next year.

This article was originally published on Oilprice.com.


Read more: http://www.nasdaq.com/article/the-paradox-of-us-oil-production-more-drilling-but-fewer-rigs-cm423595#ixzz3MC2jZZKa