Skip to comments.US crude oil production expected to hit records this year and next
Posted on 02/12/2019 2:12:36 PM PST by jazusamo
U.S. oil production is anticipated to break records in the next two years and prices are primed to increase slightly, according to an energy study released Tuesday.
The Energy Information Administration (EIA) said Tuesday that crude oil production is expected to rise to an average of 12.4 million barrels a day in 2019 and 13.2 million barrels per day in 2020. Thats up from Januarys average of 12 million barrels a day and Decembers 90,000 barrels a day.
The expected increases will come from the Permian region of Texas and New Mexico, according to EIA.
The U.S. last September surpassed Russia and Saudi Arabia as the top crude oil producer.
The report additionally found that the oil prices are expected to increase from Januarys average of $59 per barrel to an average of $61 a barrel in 2019 and $62 a barrel in 2020.
This Januarys oil prices had increased $2 a barrel from the previous month but were still $10 a barrel less than last Januarys average.
The Trump administration has hailed U.S. crude oil production as a necessary component of Americas fight for energy independence. In his State of The Union address last week, he said the U.S. had unleashed a revolution in American energy, that has led to historic energy export highs and economic growth.
The focus has increasingly been on oil and natural gas production as coal and nuclear plants in the U.S. continue to shutter at a rapid pace.
This makes you wonder if there was some sort of a sweetheart deal to shaft Americans that President Trump shitcanned.
Can this last long enough to convince Democrats and other US globalists that their agenda is harmful to sentient humans?
Robert Zubrin pointed out that US production of oil grew steadily at 3 per cent per year from the first oil well in 1859 to 1970. Oil production then started declining because of the creation of the EPA. It was simply cheaper with all the rules and regulations to move production overseas.
Had the EPA not been created Zubrin contends, and I agree, oil production would have continued to increase at 3 per cent per year and would have been around 35 million barrels per day at this time.
Thomas Gold in “The Deep Hot Biosphere” makes a compelling argument that hydrocarbons form an inexhaustible supply.
Lets wrap this Freepathon up, Folks!
Trump allowed free market capitalism to perform its innate miracles. Libs dont understand simple economics.
They know their agenda is harmful to sentient humans.
That’s why it’s their agenda.
They want most of us dead, the rest in chains.
Drill Baby Drill!
Two words. Permian Basin.
What about Eagle Ford? Lol
It had its day in the sun. Probably the most profitable play of you had the right acreage.
QUICK! Someone call an ambulance for AOC.
:^) I think she may need one.
But where are we with the refineries?
I talked to my financial advisor yesterday who recommended I pick up some shares of a relatively small O&G company in the Permian Basin. I asked his whether they had any property in New Mexico and he said no.
I told him that the radical enviro-nutter Rat dominated NM legislature is proposing a 4-year moratorium on drilling permits using fracking while they studied the environmental impacts on fresh water. If the company had property in New Mexico I would not invest in it because they may be prohibited from fracking new wells. Since their property was in Texas, I told him to go ahead.
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