Share “Domestic oil production outpaces estimates”

Domestic oil production outpaces estimates

The U.S. Energy Information Administration in December released its 2013 energy outlook. The government already has revised its forecast as February domestic oil production already has topped its predictions for production by late next year.
by Adam Wilmoth Published: March 15, 2013
Advertisement

The ongoing shale oil boom continues to surprise even the experts.

When the U.S. Energy Information Administration released its 2013 Energy Outlook just three months ago, the government predicted domestic oil production would continue its shale-backed rally until 2019, when it would peak at 7.5 million barrels per day.

So much for that.

Domestic oil producers last month recovered about 8 million barrels per day as tight oil production continued to far outpace estimates, EIA Administrator Adam Sieminski said last week at the University of Oklahoma Energy Symposium.

“This is changing very rapidly,” he said.

Even with the surging production, Sieminski and the EIA are reluctant to predict indefinite growth.

“Does this mean it will keep going up, or does it mean the resource base might not still be defined?” Sieminski asked. “I think the jury is still out, but there are a lot of smart people who believe these numbers will just keep going up.”

The EIA on Tuesday released its March 2013 Short-Term Energy Outlook, which was revised to reflect higher-than-expected November and December numbers, but still does not match current production.

The revised forecast projects domestic crude production averaging 7.3 million barrels per day in 2013 and 7.9 million barrels per day in 2014.

The new number is 5 percent higher next year than the original forecast expected in six years, but it still lags what Sieminski said the country is producing today.

The faster-than-expected oil production increase also is leading to tumbling imports, reducing the country's dependence on oil from outside of North America.

Continue reading this story on the...

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Bo Pelini rips Nebraska A.D. Shawn Eichorst in expletive-filled talk during final meeting with...
  2. 2
    More theaters bail on 'The Interview' in wake of hackers' threat
  3. 3
    Tulsa Washington alum Tyler Lockett on AFCA Coaches' All-American Team
  4. 4
    Murder conviction of 14-year-old executed in 1944 overturned
  5. 5
    Dez Bryant Named NFC Offensive Player Of The Week
+ show more