U.S. Oilfield Production is Over 20 Years Ahead of Schedule
A year ago, the U.S. government saw American crude production averaging 11.95 million barrels a day in 2042. Shale drillers are set to exceed that this year.
The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook released Thursday.
Why such a big difference? Near-term prices are higher than what the agency assumed last year, boosting the baseline production, according to the EIA.