Way past peak oil but U.S. oil production still up for 2009

Oil production increases in U.S. but well below peak production in 1970.

The U.S. is going to record its greatest oil production increase for any year since 1970. The domestic production will be over $5-million barrels this year. It's the highest single year production since 2004 and up nearly 7% over last year.

Of course, the U.S. peak oil production came way back in 1970. Old enough to remember 75-cent per gallon gas? Production that year peaked at 9.637-million barrels.

DUBAI DAY TWO

Dubai's financial shock has hit most commodity and stock prices. Crude oil was at its lowest level in over seven weeks, below $73per barrel. I blogged yesterday about Dubai's financial woes relating to its own peak oil crisis. Dubai's trying to position itself as a financial power as its oil runs out.