US oil production is still going through the roof

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 tweeted this updated chart of US oil production based on data from the Energy Information Administration.

And oil production is just through the roof.