Crude capitalism

13 June 2013 By Christopher Swann

That’s the lesson from BP’s latest survey, which shows U.S. crude production surging by a world-beating 14 pct in 2012. Another private-sector industry, Canada, came close behind. State-dominated oil giants in Brazil, Venezuela and elsewhere suffered declines. Market forces work.

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America’s oil output rose by more than 1 million barrels a day in 2012, according to BP’s annual Statistical Review of World Energy, the fastest increase anywhere in the world last year and the biggest annual gain in U.S. history.
The 14 percent increase took U.S. crude production to 8.9 million barrels a day, close to 10 percent of global output. Canada’s crude production climbed by 215,000 barrels a day, an increase of 7 percent.
Oil production fell by 4 percent in Argentina, 2 percent in Brazil, 1.5 percent in Venezuela and 1 percent in Mexico. Russian crude production increased by 1 percent.

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