Permian Basin in West Texas still produces 2 million barrels/day even now with oil at $40/barrel

via Mark J. Perry

Permian OIl Field Texas

Chart of the Day IV (above). America’s most prolific oil field – the Permian Basin in west Texas – continues to produce around 2 million barrels of oil per day despite low oil prices of around $40 per barrel. In fact, the Permian Basin is probably now the world’s second highest-producing oil field, behind only Saudi Arabia’s Ghawar Field, which produces crude oil at an amazing daily rate of 5 million barrels.

Mark J. Perry, Ph.D.
Scholar at The American Enterprise Institute
Professor of Finance and Business Economics
School of Management, University of Michigan-Flint
2111 Riverfront Center, Flint, MI 48502-1950
Michigan Office Phone: 810-424-5413
Washington, D.C. Phone: 202-419-5207
Personal Website: www.umflint.edu/~mjperry
Carpe Diem Blog: www.aei.org/publication/blog/carpe-diem
Twitter: twitter.com/Mark_J_Perry

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