Rigzone via
Reuters is reporting:
U.S.
crude oil production, rejuvenated by the advent of "fracking" shale
formations, will approach historic highs by 2019, the Energy Information
Administration (EIA) said on Monday, raising its forecast to levels
that would have been unforeseen just a few years ago.
The U.S. oil and gas industry has been a bright spot in recent years as
the economy struggles to recover from a financial crisis and growth
stagnation.
The energy renaissance has prompted some large U.S. oil companies to
sell foreign assets and come home to focus on shale, leading to a
upsurge of infrastructure projects. Cheap gas, meanwhile, has
reinvigorated the refining and energy-heavy industrial sectors
by
lowering costs.
The EIA said production in the world's largest oil consumer will rise by
800,000 barrels per day (bpd) every year until 2016, when it will total
9.5 million bpd. By 2019 it will peak at 9.61 million bpd, nearly
matching a 1970 record of 9.64 million bpd.
This still remains one of my favorite posts. Jane Nielson says:
Frequent Internet users are getting emails about the Bakken Formation
in North Dakota and Montana, supposedly a great oil bonanza just
waiting to be tapped if only nasty enviros would let it happen. The
emails and websites say that Bakken would solve all our petroleum
“needs.” (What, me worry about global warming?)
Don’t believe it. There’s some oil to be gotten out of Bakken, and it’s going to be exploited. But the “bonanza” is nothing but hype.
Jane has not updated her post. Another inconvenient truth.
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