US oil production is still surging.
The boom in US shale oil production is one single factors that's been most responsible for the collapse of oil prices since mid-2014.
And via Mark Perry at the American Enterprise Institute, oil production in January was at the highest monthly level since October 1973 - 41 years ago. This surge comes even as data from Baker Hughes shows that rig counts continue to decline.
Perry $4 this updated chart of US oil production based on data from the Energy Information Administration.
And oil production is just through the roof.
@Mark_J_Perry