U.S. Oil Production Expected to Increase

 

U.S. Oil Production Expected to Increase in 2012
 
Monday Morning Report, March 12, 2012
 
Crude oil production in the United States is expected to surge to 5.83 million barrels per day in 2012, an increase from last year, the EIA declared.
 
 
The U.S. Energy Department's Energy Information Administration (EIA) said in its March energy outlook that crude oil production should increase from 5.6 million barrels per day (bpd) in 2011 to 5.83 million bpd in 2012. Most energy producing states have seen an increase except Alaska and California, the number two and four states for production.
 
Rising U.S. oil and gas reserves stemming from shale, deep-water and Arctic discoveries are providing a dramatic boost to the stability of the world's energy supplies, Royal Dutch Shell PLC, Chief Executive Peter Voser said last Wednesday. "These developments promise to dramatically improve the outlook for energy security here and elsewhere around the world," Voser said, according to prepared remarks to be delivered at the IHS Cambridge Energy Research Associates conference in Houston. The addition of these resources, especially natural gas from shale, "is already changing global energy dynamics," Voser said, adding that the amount of oil imported by the Western Hemisphere will fall by up to 50% in this decade.
 
Additional production is also contributing significantly to U.S. economic recovery, Voser said, by creating jobs, reducing energy costs and boosting critical industries such as chemicals.
   
 
 
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