There are not may new oil wells drilled. In the US there are 510,000 oil wells producing an average of 10.5 barrels per well per day. There is no other country with anywhere near as many oil wells, but other countries aer producing more oil because their barrels per day in much higher. In Saudi Arabia there are only about 1500 wells but they produce an average of 5,000 barrels per well per day. This is why drilling more wells in the US is not a solution, because the oil is just not there.
In 2009 there were 37,204 new wells drilled (World Oil Magazine, Feb. 2010). Their forecast for new wells in 2010 is 42,749.
Currently we are experiencing a spike in oil well drilling, higher than any other year snce 1987. While our oil capacity cannot satisfy our total demand the drilling signifies independence from imported oil. These new oil wells are occuring in states such as TX and ND, pumping our oil production. The surge is production will eventually peak reflecting the drop in oil prices this year. However new technologies such as fracking have allowed companies to exploit new reserves in the US.
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