A Tsunami -- North American Crude Oil Production To Surge Through 2016 -- All About The Bakken

Link here to PennEnergy.

BENTEK Energy, a leading energy markets information and analytics company, today announced a new Market Alert, Crude Awakening: Shale Boom Hits Oil, which reports U.S. and Canadian crude oil production will grow 3.1 million barrels per day, or 36%, over the next five years. 

Data points:

• most of this production will be light or intermediate crudes
• crude oil imports from Canada to the US will rise to 900,000 bbls/day (let's round that to a million)
• crude oil supply will outpace demand
• downward pressure on US oil prices

“This supply growth will have a profound impact on the U.S. oil market and energy policy,” noted Adam Bedard, senior director of energy analysis at BENTEK Energy. “The resurgence of U.S. oil production should greatly reduce the need for foreign oil over the next five years.

This will be a tsunami.