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US crude oil production expected to hit records this year and next
The Hill ^ | February 12, 2019 | Miranda Green

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. That’s up from January’s average of 12 million barrels a day and December’s 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 January’s average of $59 per barrel to an average of $61 a barrel in 2019 and $62 a barrel in 2020.

This January’s oil prices had increased $2 a barrel from the previous month but were still $10 a barrel less than last January’s average.

The Trump administration has hailed U.S. crude oil production as a necessary component of America’s 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.


TOPICS: Business/Economy; Cuba; Extended News; News/Current Events; Politics/Elections; Russia; US: New Mexico; US: Texas
KEYWORDS: crudeoil; cuba; drillbabydrill; economy; energy; hydrocarbons; maga; newmexico; nicaragua; opec; palinwasright; presidenttrump; russia; saudiarabia; texas; trump; uscrude; venezuela
MAGA!
1 posted on 02/12/2019 2:12:36 PM PST by jazusamo
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To: jazusamo

This makes you wonder if there was some sort of a sweetheart deal to shaft Americans that President Trump shitcanned.


2 posted on 02/12/2019 2:20:39 PM PST by wildcard_redneck
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To: jazusamo
Sans God, everything in the world is finite.

Can this last long enough to convince Democrats and other US globalists that their agenda is harmful to sentient humans?

3 posted on 02/12/2019 2:23:10 PM PST by stevem
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To: jazusamo

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.


4 posted on 02/12/2019 2:28:59 PM PST by KamperKen
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MAGA!

Let’s wrap this Freepathon up, Folks!

Please bump the Freepathon or click above to donate or become a monthly donor!

5 posted on 02/12/2019 2:51:58 PM PST by jazusamo (Have You Donated to Keep Free Republic Up and Running?)
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To: wildcard_redneck; All

Trump allowed free market capitalism to perform its innate miracles. Libs don’t understand simple economics.


6 posted on 02/12/2019 2:55:11 PM PST by Cobra64 (Common sense isn’t common anymore.)
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To: stevem

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.


7 posted on 02/12/2019 3:40:05 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: jazusamo

Drill Baby Drill!


8 posted on 02/12/2019 3:57:24 PM PST by FLT-bird
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To: FLT-bird
Related image
9 posted on 02/12/2019 4:00:51 PM PST by jazusamo (Have You Donated to Keep Free Republic Up and Running?)
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To: jazusamo

Two words. Permian Basin.


10 posted on 02/12/2019 4:49:31 PM PST by crusty old prospector
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To: crusty old prospector

What about Eagle Ford? Lol


11 posted on 02/12/2019 4:50:11 PM PST by hawkaw
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To: hawkaw

It had its day in the sun. Probably the most profitable play of you had the right acreage.


12 posted on 02/12/2019 5:00:14 PM PST by crusty old prospector
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
Thanks jazusamo.

13 posted on 02/12/2019 5:55:36 PM PST by SunkenCiv (and btw -- https://www.gofundme.com/for-rotator-cuff-repair-surgery)
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To: jazusamo

QUICK! Someone call an ambulance for AOC.


14 posted on 02/12/2019 6:24:40 PM PST by A Navy Vet (I'm not Islamophobic - I'm Islamonauseous. Plus LGBTQxyz nauseous.)
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To: A Navy Vet

:^) I think she may need one.


15 posted on 02/12/2019 6:28:26 PM PST by jazusamo (Have You Donated to Keep Free Republic Up and Running?)
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To: jazusamo

But where are we with the refineries?


16 posted on 02/13/2019 5:05:53 AM PST by New Jersey Realist ( (Be Nice To Your Kids. They Will Pick Out Your Nursing Home))
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To: jazusamo

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.


17 posted on 02/13/2019 5:59:29 PM PST by CedarDave (The Democrat Party Agenda is Death [late term abortion] and Taxes [raise and redistribute].)
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