US Oil Production On Track To Hit Another Milestonw (sedans, SUV, best)
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The United States is forecast to reach another milestone in oil output next month thanks to rising production in the country’s biggest shale formations.
The Energy Information Administration (EIA), a government agency that tracks U.S. energy production, is*expecting*the country’s seven major shale formations to increase output by*84,000 barrels per day in March. The increase will bring total oil production in the U.S. to a record of around 8.4 million barrels per day (bpd).
The Bakken region in North Dakota, for example, is expected*to reach*a record-setting 1.45 million bpd by March. The Eagle Ford region in Texas is projected to climb to 1.44 million bpd — the highest monthly output that formation has seen since January 2016. The Permian Basin in Texas and New Mexico is slated to see the highest rate of increase, with analysts expecting the region’s production rate to reach a record 4.024 bpd.
The EIA also projected major growth for gas production. The agency expects U.S. natural gas output to reach a record 77.9 billion cubic feet per day by March. If those numbers reach fruition, it would be the 14th consecutive monthly increase in U.S. gas production.
And that’s why people are buying pickups and SUVs because gas is going to remain cheap, no one wants sedans anymore they have become to small people want to feel comfortable when driving not like a sardine in a tin can.
Just depends on prices, if they go back down into the low 40s again, production will slow down. Right now prices are back in the 50’s because OPEC agreed to cut back.
Increase production all they want, but it's not like the earth is making more on our time frame. One day it will be gone, and most likely suddenly.
Seems like a huge waste not to conserve given all the non-transportation and energy production uses of fossil fuels.
Agreed, but the only way to force the population to conserve is through prices, either for the price of the underlying product, subsidies/incentives, or through taxes. Few would pay more for a hybrid or change their lifestyle for an electric if it didn't also save them money on gas.
Last edited by NYCresident2014; 02-21-2019 at 09:15 AM..
Just depends on prices, if they go back down into the low 40s again, production will slow down. Right now prices are back in the 50’s because OPEC agreed to cut back.
OPEC has no pricing power anymore. Such a cryin' shame.
If they do anything to raise prices, the frackers open up the spigots and drive the price right back down.
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