US Oil Production to Surpass Imports, a First Since '95

By Admin
US oil production is expected to exceed its oil imports later this year for the first time in nearly two decades, according to a recent report from th...

 

US oil production is expected to exceed its oil imports later this year for the first time in nearly two decades, according to a recent report from the US Energy Information Administration.

By that time, the gap between monthly US crude oil production and imports is expected to be nearly 2 million barrels per day, states the EIA's March 2013 Short-Term Energy Outlook.

The projected change is mostly attributed to the rising domestic crude oil production the country is experiencing from shale and other tight rock formations in North Dakota and Texas. The estimate, however, is subject to change depending on supply conditions by next year.

As an example, the report warns “supply would decrease if a strong 2013 hurricane season disrupts US offshore oil production (and thus delays or prevents a crossover), or increase if there are higher-than-expected increases in tight oil production (meaning production might exceed imports sooner than forecast).”

As far as the future looks now, the EIA states that by 2014, monthly crude oil production will top 8 million bbl/d, the highest level since 1988, while crude oil imports will fall below 7 million bbl/d for the first time since 1995.

monthlycrude.png

 

Read More in Energy Digital's March Issue

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP 

Share

Featured Articles

Is Volcanic Ash an Answer to Efficient Solar Energy Storage?

Volcanic ash, typically seen as a disruptive force, is now hailed by University of Barcelona researchers as a valuable energy storage medium

EY: How CEOs are Pushing Energy Transition Priorities

EY’s CEO Outlook Pulse report says execs at the helm of businesses are acknowledging and embracing the necessity of the energy transition to sustainability

Reducing Low-Carbon Hydrogen Costs Key to Decarbonisation

Capgemini’s low-carbon hydrogen whitepaper emphasises the need for collaboration to make low-carbon hydrogen a viable decarbonisation tool

Sustainability LIVE Among World’s Top Sustainability Events

Sustainability

Microsoft & Brookfield Sign World’s Biggest Clean Power Deal

Renewable Energy

Accenture: Human-Centric AI Transforms the Energy Industry

Technology & AI