- 20% Decline – As of May 20th, US oil production has dropped by 2.3 million barrels/day from a March peak of 13.24 million (Wood Mackenzie).
- Where? – The biggest declines were in Texas’ Permian Basin (-1.15 million barrels/day) and North Dakota’s Bakken oil fields.
- Geopolitics – The decline almost equals recent production cuts by Russia and Saudi Arabia, who Trump pressured to cut to push up prices.
- Shale Factor – Shale oil extracted from rocks (60-70% US Oil Production) responds quickly to current prices (shale wells deplete rapidly).
