The current boom in oil production is the largest in the nation's history. The United States produced an average of 7.5 million barrels daily this year, up from 6.5 million in 2012. That represents the largest single-year increase ever, and the trend looks to continue. According to the Energy Information Administration, output will grow by 1 million barrels per day in 2014 as well, and duplicate the feat over the following two years before peaking at 9.5 million per day.
Despite this blistering pace, the current administration is pushing for more: per an Associated Press report, the White House is encouraging oil drilling, especially at the expense of coal. The current focus is on carbon capturing projects, which will work alongside oil production equipment: more than $1 billion has been spent on these sorts of projects already.
Judi Greenwald, Deputy Director for Climate, Environment, and Energy Efficiency in the Department of Energy, described the benefits of this sort or program.
"By using captured man-made carbon dioxide, we can increase domestic oil production, promote economic development, create jobs, reduce carbon emissions and drive innovation," she told Congress in July, a couple months before she stepped into her current position.
In addition, these measures strengthen U.S. energy security and reduce dependency on foreign sources. Not only does this measure allow the current administration to negotiate more effectively on a global stage, it also has a strongly positive effect on the domestic economy: in areas where artificial lift equipment has become most prevalent, high job numbers and tax revenues have followed.
This current production increase is a rare example of a win-win: both the current administration and the oil companies are benefiting from the boom.