Wednesday, July 9, 2014

2015 U.S. Oil Production to be Highest Since 1972

The U.S. Energy Information Administration has predicted that U.S. crude oil production will hit its highest level since 1972 next year. Unconventional oil, mainly from shale deposits, has spurred this increase—15% over the last six years and another 11% next year alone. With this boom, oil imports have been cut in half and dropping. In 2015, imported oil will account for 22%, down from 60% the previous decade, and the lowest since 1970.

According to the EIA, “The United States and Canada are expected to account for most of the world’s projected growth in production of oil and other liquid fuel through 2015 while China and less developed countries will drive most of the growth in consumption”. Read the full article.