The Department of Energy (DOE) is forecasting that US oil output will increase this year by 14% to an average of 7.3 million barrels per day (bpd), up from last year’s average of 6.4 million bpd. In 2014, the DOE projects another annual 8.2% increase to an average of almost 8 million bpd, which would bring production by the end of 2014 to 8.5 million bpd, the highest monthly level of domestic crude oil output since 1986.But there's even more at the link. Staggering.
Considering that oil output has increased by 52% in North Dakota over the last year, and by 32% in Texas, the Department of Energy’s forecast of a 14% increase this year in domestic oil output might be rather conservative. And I’m not sure that the Department of Energy is incorporating recent developments in West Texas oil in its forecasts, but that’s where we might see the next surge in domestic shale oil and gas production.Peak what?