The amount of crude oil produced in Texas soared to a record level in May according to the federal government.
The U.S. Energy Information Administration reported Texas production soared to 5.49 million barrels a day, the highest in monthly government information dating back to 1981. Oil production in the state accounts for nearly 40% of the nation’s crude oil output.
The EIA also reported this week that the nation’s demand for oil surged to 20.8 million barrels a day, a mark that is the highest-ever seasonal level.
