US Crude Oil Production To Hit Near Record High By 2016

Posted by: : Paul EbelingPosted on: December 17, 2013 US Crude Oil Production To Hit Near Record High By 2016

US Crude Oil Production To Hit Near Record High By 2016

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US Crude Oil production will come close to its record high by Y 2016 as the energy boom continues to reshape the US economy, the US Energy Information Administration (EIA) said Monday in a new report.

Domestic Crude Oil production will grow annually by about 800, 000 BPD to 9.5-M BPD in Y 2016, just below the historical high of 9.6-M BPD achieved in Y 1970, according to an early release of the EIA’s Annual Energy Outlook for Y 2014.

While Crude Oil production is projected to level off and then slowly decline after Y 2020, Nat Gas production will increase steadily, growing 56% between Ys 2012 and 2040, said the EIA in the report with updated projections for US energy markets through Y 2040.

As shale Gas production continues to grow, the EIA expects the Nat Gas to become the largest source of US electric power generation by Y 2035.

“Advanced technologies for crude oil and natural gas production are continuing to increase domestic supply and reshape the US energy economy as well as expand the potential for US Nat Gas exports,” EIA Administrator Adam Sieminski said in a statement.

“Growing domestic hydrocarbon production is also reducing our net dependence on imported oil and benefiting the U.S. economy as natural-gas-intensive industries boost their output,” he added.

With strong growth in domestic Crude Oil and Nat Gas production, imports of liquid fuels will fall to 25% of total US Crude Oil consumption by Y 2016, down from 40% in Y 2012, the EIA said.

Total US energy-related carbon dioxide (CO2) emissions will also remain below their Y 2005 level of 6-B metric tons through Y 2040, as the country improves energy efficiency and shifts away from carbon-intensive fuels.

Stay tuned…

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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