(Source: Bakken.com, November 5, 2014)
FARGO, N.D. — U.S. oil production jumped from 5.0 million barrels per day in 2008 to 7.4 million last year, and is expected to average 8.5 million this year and 9.3 million next year, according to the U.S. Energy Information Administration. Current U.S. production is the highest in nearly a quarter-century and more than a million barrels a day higher than it was only a year ago, the EIA reported. Existing oil pipelines are inadequate to move all that new oil to markets, both in terms of volume and location. While there are about 57,000 miles of crude oil pipeline in the U.S., there are nearly 140,000 miles of railroad. So, there’s been a massive increase in shipping by rail.
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