'The Eagle Ford in Texas has surpassed the Bakken as the nation's second most productive oil field and is closing in fast on the Permian, which stretches across Texas and New Mexico. All this is occurring as Texas has surpassed Iraq, OPEC's second largest oil producer, and the U.S. is closing in on Saudi Arabia as the world's largest producer.
The fracking technology that has made the U.S. the world's leading producer of natural gas is having the same impact on oil. Almost half the country's oil now comes from North Dakota and Texas, where fracking and horizontal drilling are now the predominant technology. At 8.4 million barrels per day, we have now returned to the levels we were at just after crossing "Hubbert's Peak" in 1970. To date the rate of growth shows no sign of slowing down.'
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