World Oil Production
Current Trends and Long-term Projections
More than 20 years have passed since the Arab oil embargo of 1973-1974 disrupted the U.S. oil supply, doubling gasoline prices and causing long lines at filling stations. At the time of the embargo, domestic oil production was in the middle of a seven-year decline, having peaked in 1970 at about 9.1 million barrels per day (b/d). However, between 1977 and 1986, domestic oil production leveled off, with output fluctuating around 8.2 million b/d. The decline was halted by a drilling boom that was a domestic response to rising world oil prices. Then, in 1986, the OPEC (Organization of Petroleum…
