1. Chart of the Day I (above). Based on new EIA data released today, US oil production surged during the first week of June to a 43-year high of 9.61 million barrels per day. That’s the highest level of US oil output since May 1971, and it’s getting close to the all-time record high production of just over 10 million barrel per day in November 1970.
2. Chart of the Day II (above). Quietly, and without any fanfare or media attention that I could find, a very important US energy milestone was reached in March of this year – daily production in the Permian Basin oil fields surpassed 2 million barrels for the first time, according to recently released data from the EIA. The reason the 2 million bpd production in the Permian Basin is especially noteworthy is that, as far as I can tell, it’s the first US oil field to ever produce at the 2 million bpd level (Prudhoe Bay in Alaska peaked at 1.7 million bpd in 1979), and it’s one of only a few oil fields globally that have ever produced at that level. The Cantarell Field in Mexico peaked at 2.1 million barrels per day in 2003 and the Ghawar Field in Saudi Arabia, the world’s largest oil field, produces about 5 million bpd, but I couldn’t easily find evidence of any other oil fields producing more than 2 million bpd. Doesn’t this significant energy milestone deserve some attention from Team Obama? OK, forget our current anti-fossil fuel administration. But what about the media – shouldn’t they publicize this important historic event?
3. Economic Fact of the Day. North Dakota led the US states in 2014 with the highest real GDP growth at 6.3%, followed by Texas at 5.2% and Wyoming at 5.1%. What do they have in common?
4. Uber Fact of the Day. 10% of Uber’s daily 1 million rides take place in China. “Let a hundred thousand daily ride-sharing experiences bloom.”
5. Markets in Everything I. “June” is a computer-based oven that thinks like a chef.
6. Markets in Everything II. Beacon is like an Uber service for air travel.
7. Venn Diagram of the Day (above). Should we apply scientific principles or not?
8. Who-d a-Thunk It? A Philadelphia news organization apparently thinks it’s noteworthy that the Southeastern Pennsylvania Transportation Authority loses less taxpayer money on fares than most other metro transit agencies. Source. In other words, Philadelphia taxpayers are screwed, they’re just screwed a little less than taxpayers in other cities.
9. Innovation and Another Example of Shale 2.0. From the article “Drones Are Becoming the Oil Industry’s Guardian Angels“:
Self-piloting drones like the Boomerang are leading a small but fundamental change in the industry. In oil and gas, equipment doesn’t move without data—where to drill, how deep to go, and so on. With the traffic bottleneck removed, suddenly equipment can move more nimbly and exploration startups can get in the drilling game for a fraction of the traditional entry cost.
The impact of self–piloted drones comes in the form of speed and savings. By photographing job sites 24 hours a day in high definition, oil and gas principals get an up-to-the-minute view of how their resources are deployed—even when conditions are too dangerous for manned aviation. Instead of planning fleet movements weeks in advance, decisions about fleet movement are possible on the fly, cutting costs and making management more responsive. Though oil and gas are becoming increasingly hard extract in the U.S., dynamic job site monitoring is one of a handful of technologies that could keep domestic exploration competitive with overseas oil.
10. Chart of the Day IV (below). According to a BLS report today, job openings (both total and private) in the US surged to the highest levels since the series bean in December 2000.
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