U.S. Heads for Two Years of Record Oil Production
Output of crude oil in the U.S. appears likely to set new records this year and in 2019, says the Energy Information Administration.
#economics
Output of crude oil in the U.S. appears likely to set new records this year and in 2019, says the Energy Information Administration.
The country’s previous peak production was in 1970, when output averaged 9.6 million barrels per day. EIA predicts the output will climb to 10.7 million barrels per day this year and 11.7 million barrels in 2018.
Most of the growth will come from oil shale operations in western Texas and eastern New Mexico, according to EIA. Offshore drilling in the Gulf of Mexico will be the second-largest contributor to growth, thanks to the addition of 10 new fields this year and six more in 2019.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.