In early March, the Energy Information Administration forecast that U.S. crude oil production would rise by close to 600,000 barrels daily this year to a record high of 12.44 million barrels daily. On the surface of it, the industry looked like it had every motive to boost production: demand was strong, especially from overseas, oil prices were higher than breakeven levels across much of the shale patch, and the federal government wanted more oil getting extracted.
