US oil production hits 24-year high
Fracking is a cracking word if you’re a US dollar bull. Weekly data today showed US oil production at 7.621 million barrels per day according to the Energy Information Administration. It’s the highest since 1989 and continues a rapid acceleration since 2012.
This chart outlines how in the space of a few years, new production has wiped out 20+ years of losses.
US domestic oil production through June. More recent trend added
Every dollar of domestic oil reduces the US trade deficit and is a direct boost for the dollar.
