EIA Projects Continued Growth in U.S. Energy Production
The federal Energy Information Administration (EIA) released its annual energy outlook yesterday, forecasting the nation’s energy supply and demand. EIA’s projections showed continued growth in U.S. energy production that exceeds growth in U.S. energy consumption through 2040. The report highlights a continued trend in increased domestic energy production and reduced imports, signaling the possibility of energy independence.
According to the report, U.S. crude production will continue to increase dramatically over the next decade because of new shale and tight oil discoveries, with production reaching up to 7.5 million barrels per day in 2019. The report also notes a decline in net imports due to increased domestic production of oil and gas.
“EIA’s findings confirm that the long-awaited promise of North American energy independence is finally within our reach,” said incoming Energy and Commerce Committee Vice Chairman Marsha Blackburn (R-TN). “The energy landscape has changed dramatically in America as we have seen a stark reversal in energy trends over the past decade. Not too long ago, the widespread belief was that America was running out of oil and gas supplies and becoming increasingly dependent on Middle East oil. Now, thanks to American ingenuity, we are blessed with an abundance of energy resources. This American energy boom is fueling job growth and our economic recovery. It is crucial we do not adopt policies that prevent America from reaching its full energy potential, but rather we continue striving until North American energy independence is a reality.”