REPORT: US Oil Production To Shatter Historic Milestone In Trump’s First Term
http://dailycaller.com/2017/07/25/report-us-oil-production-to-shatter-historic-milestone-in-trumps-first-term/U.S. oil production could reach never-before-seen heights by the end of President Donald Trump’s second year in office, according to the Department of Energy’s statistical arm.
The Energy Information Administration (EIA) “expects crude oil production to reach an average of 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970.”
Most of the increase in production would come from Texas hydraulic fracturing operations and offshore rigs in the Gulf of Mexico, according to EIA.
EIA forecasts that most of the growth in U.S. crude oil production through the end of 2018 will come from tight rock formations within the Permian region in Texas and from the Federal Gulf of Mexico.
In fact, Texas’s Permian Basin alone is expected to churn out nearly one-third of U.S. oil production by 2018. Permian production is expected to increase even if oil prices remain below $50 a barrel.
Permian production is expected to average 2.9 million barrels per day of crude oil by the end of 2018, EIA reported Tuesday. Gulf of Mexico oil production could average 1.9 million barrels per day in 2018 after several major operations come online....
