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U.S. Oil Production Increases to Highest Since December 1994

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This topic contains 2 replies, has 2 voices, and was last updated by  Anonymous 10 years ago.

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  • #1784

    Freddy Martinez

    Shale drilling boom cut reliance on foreign fuel and nudged the country closer to energy independence. 
    “Every added barrel we make here is another barrel we don’t need from somewhere else,” said , director of commodities research at IAF Advisors, a Houston consulting firm.“U.S. production could reach 9 million to 10 million barrels per day in another five to 10 years.” 



  • #4567


    Statoil President and CEO Helge Lund is optimistic about North America’s oil and natural gas reserves. “What we are now seeing in North America is an energy revolution that has helped increase energy security, reduce imports, create new jobs, stimulate economic growth and reduce carbon emissions,” Lund said. His remarks came after the International Energy Agency released a study that found the U.S. is on its way to become a global oil and natural gas production leader.

    Paul Orlowski

  • #4549


    The US currently imports approximately half its daily consumption of 19 million bpd of oil and remains both the largest importer and consumer of oil. Conservation and the shale revolution would not eliminate upward pressure on prices from rising emerging market demand.  The ongoing shale boom and increasing use of hydraulic fracturing has comparative advantages that could drive future US manufacturing growth, according to a credit-watch company Fitch Ratings.

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