Yes, getting another million barrels per day out of the Eagle Ford seems to be the consensus. And while production in North Dakota is probably near its top, another million barrels per day out of the Permian is a real possibility. And Gulf production could rise by another million barrels per day. That’s 3 million barrels per day on top of the current 8 million barrel per day production level. Allow another million barrels per day growth for North Dakota, Oklahoma, New Mexico, Colorado, California and the rest of the country, and domestic production could rise by 50% in just a few years.
Allow another million barrels per day growth for North Dakota, Oklahoma, New Mexico, Colorado, California and the rest of the country, and domestic production could rise by 50% in just a few years.
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A couple of big wall st investment houses have already predicted US oil independence by about 2018. That would take about another 5 million barrels @ day production.
The resources and the technology to get them seem to be in place to accomplish this miracle.
Likely too demand is going to fall steadily. US trucks and bus companies are in the middle of a huge switch over to natural gas because the big cost savings. Think T Boone Pickens here. Longer term —ten years out —imho electric cars will steal significant market share from internal combustion engine cars. Think tesla/elon musk — driving himself and major automakers to develop the batteries/cars and infrastructure for electric cars.
We are at the start of an amazing 20 year technological transformation that is entirely advantageous to the USA.