• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 7 hours Would bashing China solve all the problems of the United States
  • 12 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours China to Impose Dictatorship on Hong Kong
  • 5 hours Incompetent "Journalists"
  • 12 hours Model 3 cheaper to buy than BMW 3 series.
  • 2 mins Thugs in Trumpistan
  • 14 hours Iran's first oil tanker has arrived near Venezuela
  • 15 hours Let’s Try This....
  • 18 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 20 hours HVDC Cheaper Than Low-carbon Natural Gas
  • 15 hours Pompeo's Hong Kong
  • 6 hours 60 mph electric mopeds
  • 20 hours Oil and Gas After COVID-19
Driving Season Won’t Save Gas Demand

Driving Season Won’t Save Gas Demand

Memorial day weekend usually marks…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

U.S. Oil Imports Fall to Zero Over Next 25 Years

The EIA projects that U.S. oil imports will shrink to essentially zero by 2037 due to prolific production of crude oil. By 2020, the EIA estimates that U.S. oil production could reach 9.6 million barrels per day, the highest rate of production since 1970. The rapid increase in output can be credited to tight oil production, which accounts for 81% of the growth. By 2019, tight oil will make up about half of U.S. oil production.

The EIA mapped out several scenarios using assumptions about how productive America’s oil patch will be. In the most optimistic case – the High Oil and Gas Resource case – the U.S. will no longer need to import oil by 2037. Oil production rises to 13.3 million bpd, and consumption declines enough that the U.S. wouldn’t need foreign oil to meet demand. In this scenario, U.S. oil production would continue to increase over the next two decades and plateau in the 2030s.

 Net Import Share of US Liquids Consumption

On the other hand, it is not inevitable for that scenario to play out. In the EIA’s Reference case as well as its pessimistic the Low Oil case, U.S. oil production peaks before the end of this decade and steadily declines thereafter.

Related Article: U.S. Shale Means Cheap Coal for British Economy

Still, it is important to note that these are merely projections, subject to much uncertainty. Many of the oil and gas wells produced from shale experience high initial decline rates, and their production rates are highly uncertain. On the other hand, technological progress could bring costs down, making more difficult-to-reach basins accessible. Another reason for uncertainty is that the future estimates are based on current law, and would dramatically change if the U.S. passes legislation to, say, restrict greenhouse gas emissions, or open up more territory to drilling. However, the EIA does believe there is more uncertainty on the upside than there is on the downside.

By James Burgess Of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News