In 1918, during the Spanish Flu pandemic, U.S. oil production averaged just under 49,000 bbl/d. When combined with output of about 9,500 bbl/d from Mexican producers, North America accounted for about 70% of the world’s production.

While that market share has fallen off a bit since then, keep the U.S. oil and gas industry’s status in perspective—one pipeline project that was canceled in September would have moved nine times the entire U.S. production of crude oil from a century ago. Not only was the cancellation not a cataclysmic event, but the company was applauded by analysts for its prudence.

That said, it has been a rough year. Sometimes a sector just needs to get through a rough patch and live to build another day.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access