EIA Forecasts Continued U.S. Energy Growth

December 17, 2013

Energy Boom Underscores Need for Architecture of Abundance

There is more news this week heralding America’s emerging energy dominance with the release of the Energy Information Administration’s Annual Energy Outlook. The agency forecasts that domestic supplies of oil and natural gas will continue to increase as a result of advanced drilling technologies, leading to reduced U.S. energy imports and the potential for expanded U.S. energy exports. EIA Administrator Adam Sieminski stated, "Growing domestic hydrocarbon production is also reducing our net dependence on imported oil and benefiting the U.S. economy as natural-gas-intensive industries boost their output.”

The Energy and Commerce Committee is continuing to explore America’s energy renaissance and its implications for our domestic economy and geopolitical standings. This year, the committee and the full House approved a number of legislative solutions to harness America’s growing supplies and to build the “architecture of abundance” needed to realize America’s full energy potential.

 

12/16/13

US oil, gas juggernaut on course through 2016: EIA

The United States will continue to produce copious amounts of oil and natural gas through at least 2016, the Energy Information Administration said Monday, with natural gas production likely to spike for the next two decades at a minimum.

The EIA released the bullish targets as part of an early release of its 2014 Annual Energy Outlook, which looks at various factors shaping U.S. energy markets through 2040.

The updated projections jibe with a similar survey released last month by the International Energy Agency, in which the energy watchdog said the United States will soon surpass Russia and Saudi Arabia as the top oil producer on the planet.

Underscoring the extent to which the domestic shale oil boom is boosting output, the EIA expects annual U.S. crude production to increase by about 800,000 barrels per day through 2016—a rate that will drive annual output to nearly 10 million barrels per day before declining in 2020. However, that pace is close to the 1970 record of 9.6 million barrels per day, and will help push total energy imports down to just 4 percent of domestic consumption by 2040. …

Read the full article online HERE.

 

12/16/13

U.S. oil production outlook hiked to near record high -EIA

U.S. crude oil production will surge faster than expected to a near historic high by 2016, according to the Energy Information Administration (EIA), which sharply raised its annual output forecasts on Monday due to the breakneck speed of shale oil development.

The EIA's forecasts show that shale will help oil output in the world's largest consumer increase by 800,000 barrels per day (bpd) every year until 2016, when it will total 9.5 million bpd, just below a 1970 record of 9.6 million bpd. That is some 2 million bpd higher than its forecast in last year's Annual Energy Outlook. …

U.S. oil and gas output unexpectedly reversed a long decline after companies learnt how to unlock production from the tightly-packed shale rock using horizontal wells that are fractured hydraulically.

"EIA's updated reference case shows that advanced technologies for crude oil and natural gas production are continuing to increase domestic supply and reshape the U.S. energy economy as well as expand the potential for U.S. natural gas exports," said EIA Administrator Adam Sieminski.

"Growing domestic hydrocarbon production is also reducing our net dependence on imported oil and benefiting the U.S. economy as natural-gas-intensive industries boost their output," he said in a statement. …

Read the full article online HERE.

 

12/16/13

New forecast finds U.S. flush with energy

U.S. oil production will surge toward a record high in the next two years and the nation’s natural gas dominance is expected to rise for decades, according to a new government forecast.

The U.S. Energy Information Administration is dramatically increasing its production forecast in response to the shale revolution. The Annual Energy Outlook, released Monday, projects U.S. oil production will increase to 9.5 million barrels a day in 2016, near the all-time high set in the boom of 1970.

“The EIA report confirms that the United States really is experiencing an energy revolution,” said Pulitzer Prize-winning oil historian and analyst Daniel Yergin. …

As a result of the increase in U.S. oil and gas production, the Energy Information Administration predicts use of imported energy sources will fall to just 4 percent of domestic consumption by 2040. That’s down from a high of 30 percent in 2005. …

Read the full article online HERE.