This file photo taken on February 11, 2016 shows a motorist filling her car with gas at a gas station near an oil field pumping rig in Oklahoma City, Oklahoma.
/ AFP / GETTY IMAGES NORTH AMERICA / J Pat Carter
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The U.S. oil industry is feeling guarded optimism going into 2017 as it pivots from a brutal two-year slump prompted by crashing crude prices.Even more important, sentiment got a boost from the Nov. 30 agreement by the Organization of the Petroleum Exporting Countries to cut production to address a supply glut that had threatened to push oil prices back to multiyear lows.U.S. oil prices, which tumbled to close to $25 a barrel a year ago, closed at $53.99 a barrel Friday.The U.S. is expected to see capital investment recover more quickly than other countries that have long-term oil investment cycles.The rise of American shale production, made possible by technological leaps in drilling and resource recovery, lifted U.S. production to multidecade highs in 2015 of about 9.6 million barrels per day (bpd), a remarkable 80 percent higher than in 2010 .But that momentum came to a screeching halt amid the industry downturn, and U.S. production fell back to 8.6 million bpd in September 2016 .
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