The United States is again on the precipice of record crude-oil production, reaching 8.5 million barrels of oil per day this past quarter, the most in about 30 years. With Texas and North Dakota continuing to put up cosmic oil-growth figures, America could soon challenge its record of 9.2 million barrels of crude oil per day. If we are to distance our oil production from our 1970 high, the Gulf of Mexico will be instrumental in helping boost daily crude oil production above 10 million barrels.
While the domestic energy boom is great for the United States economy, investors should key in on ConocoPhillips (NYSE:COP) because the high dividend payer is nestled in all the large domestic oil plays and as the United States sets crude oil production records, ConocoPhillips will continue to expand gross margins and pump money back to shareholders through accelerated dividends.
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