Posted September 10, 2014
U.S. Boosts 2015 Oil Forecast as Shale Powers Push to 10 Million BPD
Reuters: The U.S. government on Tuesday jacked up its forecast for oil production next year by 250,000 barrels per day (bpd) as the boom in shale oil drilling continues to confound expectations of slower growth.
The U.S. Energy Information Administration now expects domestic output to rise to 9.53 million bpd, growing by around 1 million bpd for a third consecutive year, according to its latest monthly short-term energy outlook. A month ago the EIA had predicted output growth would slow in 2015 to 800,000 bpd.
The U.S. shale boom has allowed producers to unlock thousands of barrels of reserves, putting the United States on course to become the largest producer of oil globally, which would dramatically reduce its dependence on imports.
"Rising monthly crude oil production, which will approach 10 million barrels a day in late 2015, will help cut U.S. fuel imports next year to just 21 percent of domestic demand, the lowest level since 1968," EIA Administrator Adam Sieminski said.
Read more: http://reut.rs/1qFSBEF
More industry news:
Former Obama Economic Advisor Urges End to Crude Export Ban: http://bloom.bg/1slgscM
Report: Energy Boom Fueled by Small Business, Not Big Oil: http://bit.ly/1rWiZwd
U.S. Oil and Natural Gas boosts Thousands of Firms: http://cnb.cx/YxnhNQ
Job Numbers Show Need for Urgency on Fracking in Illinois: http://bit.ly/1rWiRwy
Ohio’s Shale Wells Continue to Produce More Oil and Natural Gas: http://bit.ly/1rWiCBQ
- Long Supply Chain Keeps Oil Industry Pumping: http://bit.ly/1xIqYzm
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.