by Daniel J. Graeber
Washington (UPI) Jul 9, 2013
Expectations about total U.S. crude oil production for next year are the highest they've been in more than 40 years, the U.S. Energy Department said.
The U.S. Energy Information Administration, the statistical arm of the Energy Department, said in its short-term market report, published Tuesday, total U.S. crude oil production averaged 7.4 million barrels per day last year and should level out at 8.4 million bpd for 2014.
EIA said it expects that level to increase to 9.3 million bpd by next year.
"The 2015 forecast represents the highest annual average level of oil production since 1972," it said in its report.
In a weekly petroleum report, EIA said the United States produced 8.4 million bpd for the week ending June 27, a 16 percent increase year-on-year.
EIA said much of the recent growth in U.S. crude oil production has come from so-called tight resource formations, a reference to shale oil deposits. This, in turn, led to a "significant" decline in petroleum imports, EIA said.
"The share of total U.S. liquid fuels consumption met by net imports fell from 60 percent in 2005 to an average of 33 percent in 2013," it said. "EIA expects the net import share to decline to 22 percent in 2015, which would be the lowest level since 1970."
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|