Share
News

US Oil Boom Is Headed into Uncharted Territory

Share

American energy is poised to boom in 2019, according to a federal report.

The report projects crude oil output will average more than 12 million barrels per day this year.

The more than 1 million-barrels-per-day jump in U.S. crude output will mostly come from New Mexico and Texas.

Both states sit atop what’s become the country’s most productive oil play.

The U.S. Energy Information Administration expects “crude oil production to average 12.1 million b/d in 2019 and 12.9 million b/d in 2020,” according to the statistics agency’s annual energy outlook.

Trending:
Hillary Clinton Jumps Into Trump 'Bloodbath' Frenzy with a Question, Doesn't Want to Hear the Answers

Most growth will be from the Permian region of Texas and New Mexico.

Enabled by hydraulic fracturing and horizontal drilling, U.S. oil production has dramatically grown in the past decade.

The U.S. surpassed Saudi Arabia and Russia last year to become the world’s largest oil-producing nation.

Production hit record highs in 2018, including a whopping 11.7 million barrels a day in November.

President Donald Trump touted the oil production boom, and his policies to encourage it, to counter reports senior FBI officials believed he was secretly working on behalf of Russia.

Booming Permian production contributed to the U.S. briefly becoming a net exporter of crude and petroleum products in November, according to EIA.

Do you think Trump's policies will contribute to the oil boom?

The agency expects the U.S. to become a net exporter of oil and related products by the end of 2020.

Related:
Trump Responds to Media's 'Bloodbath' Narrative: 'Fake News'

“In the fourth quarter of 2020, EIA forecasts the United States will be a net exporter of crude oil and petroleum products, by about 0.9 million b/d,” EIA reported.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

A version of this article appeared on The Daily Caller News Foundation website.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , , , , , ,
Share
Founded by Tucker Carlson, a 25-year veteran of print and broadcast media, and Neil Patel, former chief policy adviser to Vice President Dick Cheney, The Daily Caller News Foundation is a 501(c)(3) non-profit providing original investigative reporting from a team of professional reporters that operates for the public benefit. Photo credit: @DailyCaller on Twitter




Conversation