Surging oil output will push US towards energy independence in 2020, Dept of Energy says

Yahoo Finance ^ | January 15,2019 | Tom DiChristopher

[Hojczyk]

The Department of Energy forecasts U.S. oil production will jump from 10.9 million barrels per day in 2018 to 12.9 million bpd in 2020.

The same year, the nation will start exporting more crude oil and fuel than it imports, the agency says.

Natural gas output is also seen hitting new all-time highs.

The U.S. will make major strides towards energy independence in the next two years as oil production and exports hit new highs, according to the Department of Energy.

U.S. oil production, already at an all-time high this year, will increase by another 2 million barrels per day by 2020, the agency's statistics bureau projects. The same year, the nation will start exporting more crude oil and fuel than it imports, the Energy Information Administration said in in its latest forecast.

American drillers pumped an average 10.9 million bpd in 2018, breaking the record going back to 1970. EIA sees U.S. output averaging 12.1 million bpd this year and 12.9 million bpd in 2020.

"According to the January outlook, the Permian region of Texas and New Mexico will continue to push U.S. production into record territory over the next 24 months, approaching 13 million barrels per day some time in 2020," EIA Administrator Linda Capuano said in a statement.

[bray]

Thank you President Trump.

[woodbutcher1963]

This also hurts all of those OPEC countries like Iran that are not our friends. It also makes the Canadians want theKeystone Pipeline to reduce their cost of shipping oil out of Alberta where they are getting less than $20/barrel fob.

[RGF]

To my “Ice Age”, err “Global Warming,” err “Climate Change” friends, remember when “Peak Oil” was “settled science?”

[Wuli]

The idea of “energy independence” would only have meaning in a wartime situation with ALL imports of energy and fuels cut off.

It has ZERO to do with energy in an economic or domestic economy sense. It does not matter if the U.S. could produce more fuel-based energy than we consume, we would still, for economic reasons continue to export oil and to import it as well, and our domestic consumers of that portion we import would, for any number of reasons, be DEPENDING on those imports. Is that “energy independence”? No. The U.S. is far too great a consumer of energy.

Yes, it IS great that our own oil production is reaching new highs; great for the industry and the economy. But “energy independence” it does not make.

[SkyDancer]

Fake news will say that we’d be putting OPEC out of business thereby hurting the poor of those countries that depend on oil revenues.

[FreedomNotSafety]

Let’s repeat this again. There is only energy interdependence. The US hydrocarbon industry is linked to the rest of the world. If Saudi quit pumping oil tomorrow the US would have a crisis, prices would skyrocket, laws would be written, some at the behest of Freepers, to restrict exports, and keep prices low. There would even be subsidies.

[lurk]

Nipping on the heels of big oil are the socialists in congress who want to go 100% green in just a few years.

[oldasrocks]

Someone ought to tell Mz corex that we will have to use twice as much fossil fuel for a few years to produce all the green energy equipt. That would make her head spin.

[redhead]

Good news indeed. Have kids and friends working in oil patches in North Dakota and on the North Slope. Which begs the question: If our forecast is so good, our production is so high, etc., how and why are we still IMPORTING oil??

[central_va]

I wonder when ANWR will come on line?

[gogeo]

Muh Peak Oil.

[G Larry]

Except when Communist state governments make fossil fuel cost prohibitive, as Colorado is set to do.

[Go Gordon]

I wonder when ANWR will come on line?

Did it ever get approved for drilling?

[central_va]

ANWR was one of Trump's first major accomplishments.

Drilling in section of ANWR included in final GOP tax-reform package

[Farmer Dean]

I’m so sick of that know nothing bitch.It’s going to be a long two years.

[shanover]

I never thought America would ever see the day. We were brainwashed in the 80’s.

[minnesota_bound]

The democrats will stop this if given a chance.

[Slyfox]

I googled the price of gasoline when Obama became president and it was $1.87 for unleaded.

Remember how high it got during his residency? In some places it bumped up to 5 bucks, while he was putting a stop to drilling here at home.

And also remember semi-truckers were complaining heavily about how much one fill-up was costing them?

Now, after Trump has encouraged drilling at home, the price of gasoline is dipping below $1.87.

This weekend, with our Kroger cents-off, we got it for close to a dollar a gallon.

[oincobx]

>>>I wonder when ANWR will come on line?

It will be a long time before anything comes out of ANWR if prices stay near $50.